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 a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL) in Chippenham?
A CVL is used for insolvent companies where directors cannot pay debts. It is initiated by the directors and requires a creditors' meeting. An MVL is for solvent companies that wish to close, typically to extract surplus capital tax-efficiently. In Chippenham, we handle both, but the key difference is solvency: CVL for insolvent, MVL for solvent.
How long does a company liquidation take in Chippenham, Wiltshire?
The length varies. A CVL usually completes within 6-12 months, depending on asset realisation and creditor claims. An MVL can often be completed in 3-6 months if the company is straightforward. Our Chippenham liquidators work efficiently to close your company as quickly as legally possible, but the statutory process requires time for creditor notification and final accounts.
Can I keep trading if my company is in liquidation in Chippenham?
No, once a liquidator is appointed, the directors' powers cease. The liquidator takes control of the company's affairs. However, in some cases, the liquidator may allow trading to continue temporarily to sell stock or complete contracts for the benefit of creditors. We advise you to seek immediate advice before trading while insolvent to avoid personal liability.
What are the costs of company liquidation in Chippenham?
Our fees are typically fixed and agreed upfront. For a CVL, costs can range from £3,000 to £6,000 plus VAT, depending on complexity. MVL costs are often lower, starting around £1,500. We always provide a written quote before any work begins. In some cases, costs may be paid from company assets, but if assets are insufficient, directors may need to contribute.
Will I be personally liable for company debts after liquidation in Chippenham?
Generally, no. Limited liability protects directors from company debts unless there has been wrongful trading, fraudulent activity, or personal guarantees. Our Chippenham liquidators will investigate the conduct of directors, but if you have acted properly, you will not be held personally liable. We advise on how to avoid any potential claims.
What happens to employees when a company is liquidated in Chippenham?
Employees are made redundant upon liquidation. The liquidator will assist with claims to the Redundancy Payments Service for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. We ensure all employee rights are respected and provide clear communication throughout the process to minimise stress for your staff.
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