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
The Bean Counters Accountants LLP
Established in 2011, The Bean Counters Accountants is a growing accounting firm in Maidenhead which specializes in cloud accounting and bookkeeping, p...See More
Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where directors cannot pay debts. It involves appointing a liquidator to sell assets and distribute proceeds to creditors. An MVL is for solvent companies that wish to close voluntarily, often for tax efficiency. In an MVL, directors sign a declaration of solvency, and the liquidator distributes surplus assets to shareholders after settling all liabilities. The key difference is solvency status and the purpose of closure.
How much does it cost to appoint a company liquidator in Buckinghamshire?
Costs vary based on the complexity of the liquidation, the size of the company, and the number of creditors. For a CVL, fees typically range from £3,000 to £6,000 plus VAT, but this is often covered by company assets. For an MVL, costs are usually lower, starting around £2,500. We provide a fixed-fee quote after a free initial assessment, ensuring no hidden costs. The liquidator's fees are paid from the company's assets before creditor distributions.
Can directors be held personally liable for company debts during liquidation?
Directors can be personally liable if they have acted wrongfully, such as trading while insolvent without reasonable prospect of recovery, or if they have misused company funds. However, by appointing a licensed insolvency practitioner early and cooperating fully, directors can mitigate risks. Our advisors help you document decisions and demonstrate that you acted in the best interests of creditors, reducing the chance of personal liability claims.
How long does a company liquidation process take in Buckinghamshire?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. The process involves filing a notice of appointment, holding a creditors' meeting (for CVL), and finalising statutory reports. We aim to streamline the process to achieve the earliest possible conclusion while ensuring compliance with the Insolvency Act 1986.
What happens to employees if my company goes into liquidation?
In a CVL, all employees are automatically dismissed upon the liquidation order. The liquidator becomes responsible for ensuring they receive statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund (via the Redundancy Payments Service). Employees who are owed holiday pay or other arrears can claim these as preferential creditors. We guide you through the employee communication process to ensure legal obligations are met.
Can I keep trading if my company is insolvent but I want to avoid liquidation?
Trading while insolvent can lead to wrongful trading claims against directors. However, alternative options exist, such as a Company Voluntary Arrangement (CVA) or administration, which may allow the business to continue trading under a restructuring plan. We assess your cash flow and projections to determine if a rescue option is viable. If not, a CVL is the safest way to close without further liability. We provide honest advice on the best course of action.
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