ACCOTAX - Accountants & Tax Consultants
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R Albert Accountancy Ltd
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AMSTOR ACCOUNTANTS LIMITED
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Raven Solution
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MRC Accounting Services
Providing accounting services and solutions
Pharmatax
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FLEXIE ACCOUNTANTS LTD
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Zak Partnership
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Msi Accountancy Services
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HHR ACCOUNTANCY LTD
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Modus Accountants Limited
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Frequently asked questions
What are the typical costs for company liquidation in Bromsgrove?
The cost of a Creditors Voluntary Liquidation (CVL) in Bromsgrove usually ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. This fee covers the licensed insolvency practitioner's time, statutory advertising, and all necessary filings. For a solvent Members Voluntary Liquidation (MVL), costs are often lower, starting around £3,000, but can vary based on asset realisation and distribution requirements. We always provide a fixed-fee quote before you commit.
How long does the liquidation process take in Bromsgrove?
The length of time varies by type of liquidation. A Creditors Voluntary Liquidation (CVL) typically completes within 6 to 12 months, but this can extend if there are complex asset sales or legal disputes. A Members Voluntary Liquidation (MVL) is often faster, with many cases concluding in 3 to 6 months. The statutory period for creditors to make claims is 3 months, but the final dissolution can take longer if HMRC or other creditors raise issues.
Can I keep my business assets if I liquidate my company?
In a formal liquidation, all company assets are controlled by the liquidator and are sold to repay creditors. You cannot keep assets personally unless you purchase them at market value from the liquidator. However, in some cases, certain assets like vehicles or equipment can be bought back by directors if the sale benefits the creditors and is approved. It is essential to discuss this early with your liquidator to understand the process and potential outcomes.
What is the difference between a CVL and an MVL for a Bromsgrove business?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. The liquidator sells assets to pay creditors, and the company is dissolved. A Members Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close the business, often for tax efficiency. In an MVL, a declaration of solvency is required, and all debts are paid in full before distribution of remaining assets to shareholders.
What happens to employees when a company goes into liquidation in Bromsgrove?
When a company enters liquidation, employees are automatically made redundant from the date the winding-up order is granted or the resolution is passed. The liquidator will assist employees in claiming redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund (via the Redundancy Payments Service). The liquidator also provides the necessary forms and guidance to ensure employees receive their statutory rights.
Can I start a new company after my Bromsgrove company has been liquidated?
Yes, you can start a new company after a CVL, but there are restrictions. If you have been a director of a company that went into insolvent liquidation, you may be subject to a disqualification order or undertaking, which can restrict your ability to act as a director for a set period (usually 2-15 years). Additionally, you cannot reuse a similar company name that suggests a connection with the old company without court permission or using the 'phoenix' procedure. Always seek professional advice before proceeding.
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