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
OVAL ACCOUNTANTS LTD
Your Bookkeeping, Accounting And Self Assessment Experts, Here To Bring You The Highest Standard Of Service.
Marden & Co Accountants Ltd
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Cruse+Burke
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Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Cruse + Burke
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APRC Accountants
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Taxaccolega Chartered Accountants & Tax Advisers
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Tax Cruncher
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Central London Accountants
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Cheap - Accountants
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Abu Umar & Co.
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EFJ CONSULTING LTD
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Coman And Co Ltd
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Fitzgeralds Accountants Limited
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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, and it is initiated by shareholders but controlled by creditors. An MVL is for solvent companies that wish to close voluntarily, where shareholders appoint a liquidator to distribute assets and dissolve the company.
How long does the liquidation process take in Buxted?
The timeline varies depending on the complexity of the company's affairs. A straightforward CVL or MVL typically takes between 6 to 12 months to complete, including the final dissolution. More complex cases with significant assets or legal issues may take longer.
Can I keep trading if my company is in liquidation?
Once a liquidation order is made or a liquidator is appointed, directors lose control of the company. The liquidator takes over the realisation of assets and may continue trading temporarily if it benefits creditors, but you cannot make trading decisions without the liquidator's consent.
What are the legal obligations of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can result in personal liability or disqualification.
Will I be personally liable for company debts after liquidation?
Generally, no, if the company is a limited liability entity and you have not given personal guarantees. However, if you have acted fraudulently or wrongfully, or have given personal guarantees for business loans, you may be held personally liable for those specific debts.
How much does it cost to hire a company liquidator in Buxted?
Costs vary based on the size and complexity of the company. For a CVL, fees typically range from £4,000 to £8,000 plus VAT, but many firms offer fixed-fee packages. We provide a free consultation and a clear, no-obligation quote before you proceed.
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