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 solvent and insolvent liquidation in Burton-on-Trent?
Solvent liquidation, also known as Members' Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. It allows shareholders to distribute assets tax-efficiently. Insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), is used when the company cannot pay its debts, and it involves appointing a liquidator to sell assets and distribute proceeds to creditors. Our Burton-on-Trent liquidators will assess your financial position and recommend the correct procedure.
How much do company liquidators charge in Burton-on-Trent?
Fees vary based on the complexity of the case, but we offer fixed-fee packages for straightforward CVLs. Typically, costs range from £3,000 to £6,000 plus VAT, depending on asset realisation and creditor involvement. We provide a transparent quote upfront with no hidden charges, and we will discuss any additional costs (like legal fees or asset valuation) before they are incurred.
Can I continue trading while my company is being liquidated?
No. Once a liquidation order is made, the liquidator takes control of the company and trading must cease immediately, unless the liquidator decides to continue trading temporarily to sell stock or complete contracts. If you are considering liquidation, we advise stopping any new credit transactions and contacting us before you take further action to avoid personal liability for wrongful trading.
What are the legal duties of a director during liquidation in Burton-on-Trent?
Directors must cooperate fully with the liquidator, providing all company records, accounts, and explanations. You must not dispose of assets or conceal debts. You also have a duty to prepare a statement of affairs detailing the company's assets and liabilities. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our team will guide you through these duties step by step.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from company debts, provided you have not given personal guarantees, acted fraudulently, or traded wrongfully. However, if you have signed personal guarantees for loans or leases, the lender can pursue you personally. Our liquidators will review your guarantees and advise on your exposure before you proceed.
How long does the liquidation process take in Burton-on-Trent?
A Creditors' Voluntary Liquidation typically takes 6 to 12 months to complete, depending on the complexity of asset sales and creditor claims. The initial appointment can happen within 2 to 4 weeks of your decision. Solvent liquidations (MVL) often conclude faster, sometimes in 3 to 6 months. We provide a timeline after our initial review of your company's financials.
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