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 difference between CVL and MVL in Bristol Avon?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies wishing to close. In a CVL, a licensed insolvency practitioner manages asset realisation and creditor claims. In an MVL, the process distributes surplus assets to shareholders tax-efficiently. Our Bristol Avon liquidators can assess your solvency and recommend the correct procedure.
How long does a company liquidation take in Bristol Avon?
The timeline varies based on complexity. A solvent MVL typically completes within 6 to 12 months, including the statutory period for creditor claims. An insolvent CVL can take 12 to 18 months due to investigations and asset realisation. However, the initial appointment of the liquidator can happen within days of your decision. We provide a clear timeline during your first consultation in Bristol Avon.
Can I keep trading after appointing a liquidator in Bristol Avon?
Once a liquidator is appointed, directors lose control of the company. The liquidator takes over to protect creditor interests. In rare cases, trading may continue briefly to complete contracts or sell stock, but only with the liquidator's approval. Our team will explain all restrictions and guide you through the transition to avoid wrongful trading claims.
What are the costs of company liquidation in Bristol Avon?
Costs depend on the company's size, asset complexity, and the type of liquidation. For a CVL, fees are often paid from company assets, but if assets are insufficient, directors may need to contribute. An MVL has fixed fees based on asset value. We provide transparent quotes with no hidden charges. Contact us for a free cost estimate tailored to your Bristol Avon company.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from company debts unless personal guarantees were signed or misconduct occurred. However, if you have acted fraudulently or traded while insolvent, you could face personal liability. Our liquidators will review your conduct and advise on potential risks. Taking early advice in Bristol Avon can significantly reduce personal exposure.
What happens to employees during a Bristol Avon liquidation?
Employees are automatically made redundant when a liquidator is appointed, unless the business is sold as a going concern. The liquidator handles employee claims for unpaid wages, holiday pay, and redundancy through the National Insurance Fund. We ensure all statutory obligations are met and provide clear communication to your staff throughout the process in Bristol Avon.
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