ACCOTAX - Accountants & Tax Consultants
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Kings Oak Accountancy
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Modus Accountants Limited
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SG CONTRACTOR ACCOUNTING LIMITED
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Bell Stanley Accountants
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DEAD SIMPLE ACCOUNTING LTD
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R Albert Accountancy Ltd
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Turner Barratt
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ADD- WORTH ACCOUNTANCY LTD
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QUENTELA ACCOUNTING LIMITED
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Capital Accountancy - Accountants & Tax Advisors
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Frequently asked questions
What is the difference between creditors voluntary liquidation and members voluntary liquidation?
Creditors voluntary liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a meeting of creditors. Members voluntary liquidation (MVL) is for solvent companies where shareholders decide to close the business, often for tax efficiency. In an MVL, directors must make a statutory declaration of solvency.
How much does company liquidation cost in Blagdon?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, a CVL can cost between £4,000 and £8,000 plus VAT, while an MVL may range from £2,500 to £5,000. We provide a fixed-fee quote after an initial free consultation.
Can I keep trading after starting liquidation?
Once a formal liquidation process begins, directors lose control of the company. The appointed liquidator takes over the management of affairs to realize assets and distribute funds to creditors. Trading is generally not permitted after liquidation starts, except in very limited circumstances where the liquidator may continue trading temporarily to maximize asset value.
What are the legal duties of directors when a company is insolvent?
Directors must act in the best interests of creditors once they know the company is insolvent. This includes avoiding wrongful trading, not taking on new credit, and not preferring certain creditors over others. Directors must also cooperate with the liquidator and provide accurate financial records. Failure to comply can lead to personal liability or disqualification.
How long does the liquidation process take in Blagdon?
A creditors voluntary liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realization and creditor claims. A members voluntary liquidation may be faster, often 6 to 9 months. The process concludes with the company being dissolved and removed from the Companies House register.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and within the law. However, if there has been wrongful trading, fraudulent activity, or personal guarantees were signed, directors may be held personally responsible. Our experts can advise on your specific situation to minimize any personal risk.
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