ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the cost of company liquidation in Blaydon-on-Tyne?
The cost of liquidation in Blaydon-on-Tyne varies depending on the complexity of your company's affairs, including the number of assets, creditors, and employees. For a Creditors’ Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but we always provide a fixed, transparent quote after an initial free consultation. Members’ Voluntary Liquidation (MVL) costs are often lower, starting around £1,500. We ensure no hidden charges and will discuss all costs upfront so you can make an informed decision.
How long does the liquidation process take in Blaydon-on-Tyne?
The duration of liquidation in Blaydon-on-Tyne depends on the type and complexity. A Creditors’ Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, as the liquidator must realise assets, investigate the company's affairs, and distribute funds to creditors. A Members’ Voluntary Liquidation (MVL) for a solvent company is often faster, usually completed within 3 to 6 months. We will provide a realistic timeline after reviewing your specific situation.
Can I keep trading if I appoint a liquidator in Blaydon-on-Tyne?
Once a liquidator is formally appointed, the company ceases to trade, and the liquidator takes control of all business operations. However, before appointment, you can continue trading while you seek advice, but you must avoid wrongful trading – that is, incurring debts you know the company cannot repay. Our liquidators in Blaydon-on-Tyne can advise you on your duties and help you decide the right time to cease trading to protect both creditors and directors.
What is the difference between a CVL and an MVL in Blaydon-on-Tyne?
A Creditors’ Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where the liquidator sells assets to repay creditors. A Members’ Voluntary Liquidation (MVL) is for solvent companies that wish to close voluntarily, often for tax efficiency, allowing surplus assets to be distributed to shareholders. Our Blaydon-on-Tyne liquidators will assess your financial status and recommend the most appropriate procedure for your goals.
Will I be personally liable for company debts after liquidation in Blaydon-on-Tyne?
In most cases, directors are not personally liable for company debts if the company has traded properly and no wrongful or fraudulent trading has occurred. However, if you have given personal guarantees for business loans or acted negligently, you may be pursued by creditors. Our liquidators in Blaydon-on-Tyne will review your conduct and advise on potential risks, helping you understand your legal position before proceeding.
Can I appoint a liquidator if my company is based outside Blaydon-on-Tyne?
Yes, absolutely. While we are based in Blaydon-on-Tyne, our licensed liquidators serve clients across the entire North East and beyond. We regularly handle liquidations for companies registered in different locations, using modern technology and local partnerships to manage the process efficiently. Contact us to discuss your company's location and we will confirm how we can assist you.
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