ACCOTAX - Accountants & Tax Consultants
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TI Accountancy Limtied
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LLOYDS ACCOUNTANTS LTD
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NIXON WILLIAMS LIMITED
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Pepperhill Associates
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Holden Associates
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GE ACCOUNTANCY LTD
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C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Holdsworth Accountancy
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Harris Rosenberg Chartered Accountants
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Clarity Accountants
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GORILLA ACCOUNTING LIMITED
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Cheaper Accountant
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Athena Bookkeeping Services
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BROOKSON LIMITED
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MJF ACCOUNTANCY LIMITED
MGM & CO. Chartered Certified Accountants
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Oakes Accounting
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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 the company cannot pay its debts. It is initiated by the directors and involves a meeting of creditors. An MVL is for solvent companies that wish to close, where directors swear a declaration of solvency. The process is different, and an MVL is often used for tax planning purposes.
How much does it cost to appoint a company liquidator in Carnforth?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, a CVL costs between £4,000 and £6,000 plus VAT, but we provide a fixed-fee quote after an initial free assessment. We always confirm costs in writing before you commit.
What are the legal duties of a director when a company is insolvent?
Directors have a duty to act in the interests of creditors when insolvency is inevitable. This includes avoiding wrongful trading, not taking preferential payments, and ensuring proper records are kept. Failing these duties can lead to personal liability, disqualification, or even criminal prosecution. Our experts help you navigate these obligations safely.
Can I continue trading if my company is in liquidation?
No. Once a liquidator is appointed, they take control of the company and its assets. Directors lose their powers to manage the business. However, a liquidator may continue trading for a short period to sell stock or complete contracts, but this is under their supervision and for the benefit of creditors.
What happens to company employees when a company goes into liquidation?
Employees are automatically dismissed when a company enters liquidation. They may be able to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide the necessary forms and guidance to affected employees.
How long does the liquidation process take in the UK?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to conclude, depending on the complexity of asset realisation and any investigations. An MVL can be quicker, often completing in 3 to 6 months. However, the liquidator's final report may only be issued after all matters are resolved.
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