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 a Creditors Voluntary Liquidation (CVL)?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. Directors call a meeting of shareholders to pass a resolution to wind up the company voluntarily, and then a meeting of creditors is held to confirm the appointment of a licensed insolvency practitioner as liquidator. The liquidator sells company assets, investigates the company's affairs, and distributes funds to creditors in the statutory order of priority.
How much does company liquidation cost on Cardiff Road?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. Our fees are typically based on a fixed fee or a percentage of realisations, and we always provide a clear, written quotation before you commit. We offer competitive rates and transparent pricing with no hidden charges, and we can discuss payment options, including spreading costs over time.
Can I liquidate a company that is solvent?
Yes, if your company is solvent and you wish to close it, you can use a Members Voluntary Liquidation (MVL). This process is designed for companies that can pay all debts in full within 12 months. An MVL offers tax efficiency for shareholders, allowing distributions to be treated as capital gains rather than income, potentially reducing your tax liability. Our team can advise on whether an MVL is suitable for your situation.
What are the duties of a liquidator?
A liquidator's primary duties are to collect and realise company assets, investigate the company's affairs and the conduct of its directors, agree claims from creditors, distribute funds in the statutory order of priority, and report to creditors and shareholders. The liquidator also has a duty to report any wrongful trading, fraudulent activity, or director misconduct to the Insolvency Service.
How long does the liquidation process take?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of the case, the ease of selling assets, and the number of creditor claims. Members Voluntary Liquidation can often be completed in a shorter timeframe, sometimes within 3 to 6 months. Your liquidator will provide a realistic timeline based on your specific circumstances.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if the company has traded legitimately and no wrongful or fraudulent trading has occurred. However, if you have given personal guarantees for business loans or leases, the creditor can pursue you personally for those amounts. Our advisors will review your situation and explain any potential personal liabilities before you proceed.
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