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
Bird & Co
Bird & Co was formed by local Yaxley accountant Pete Bird and we now serve not only clients in the Yaxley and Peterborough area, but more widespread a...See More
J C Accounting Ltd
J C Accounting Ltd offer the type of bespoke service that larger Accountants can’t. We specialise in Sole Traders, Partnerships and Small Limited Com...See More
Frequently asked questions
What are the main types of company liquidation in Cambridgeshire?
The main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies wishing to close, and Compulsory Liquidation which is forced by a court order usually from a creditor. Each process has different legal requirements and outcomes, and a licensed insolvency practitioner can guide you to the correct procedure.
How much does a company liquidation cost in Cambridgeshire?
Costs vary depending on the complexity of the company's affairs, asset values, and number of creditors. Typically, a Creditors Voluntary Liquidation (CVL) can cost between £3,000 and £6,000 plus VAT, while an MVL may be slightly less. Many Cambridgeshire liquidators offer fixed fees, and the practitioner's fees are often paid from company assets before creditors are distributed.
What is the role of a liquidator in Cambridgeshire?
A licensed insolvency practitioner acts as the liquidator. Their role is to take control of the company's assets, realise them for cash, investigate the company's affairs and directors' conduct, agree claims from creditors, and distribute funds in the statutory order. They also handle legal paperwork, notify Companies House, and ensure the company is formally dissolved at the end of the process.
Can directors be personally liable for company debts after liquidation?
Generally, no, as a limited company provides a legal shield. However, personal liability can arise if directors have given personal guarantees, traded wrongfully, misused funds, or committed fraud. A liquidator will investigate and may pursue directors for recovery if such actions are found. Taking early professional advice can help avoid these risks.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent (unable to pay debts as they fall due). An MVL is used when a company is solvent and directors want to close it, often for tax efficiency or retirement. In an MVL, shareholders appoint the liquidator, and creditors are paid in full before any distribution to shareholders.
How long does the liquidation process take in Cambridgeshire?
The length depends on the case complexity. A straightforward Creditors Voluntary Liquidation (CVL) can be completed in 6 to 12 months, including the final dissolution. An MVL may take a similar time but can be faster if assets are easily realised. Compulsory liquidation can take longer due to court processes. Your liquidator will provide a timeline after the initial review.
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