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 are the signs that my company in Clifton Bristol needs liquidation?
Key signs include persistent cash flow problems, inability to pay debts as they fall due, creditor demands or statutory demands, winding-up petitions, loss of key contracts, and mounting tax liabilities. If you are trading while insolvent, you risk personal liability for wrongful trading. Our liquidators in Clifton Bristol can assess your situation and recommend the best course, whether that is liquidation, administration, or an informal rescue.
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. The directors initiate the process, and a licensed insolvency practitioner sells assets and distributes funds to creditors. An MVL is for solvent companies that have paid all debts and wish to close voluntarily, often for tax efficiency. Our Clifton Bristol liquidators can advise which procedure fits your circumstances.
Can I still be a director after my company goes into liquidation in Clifton Bristol?
Yes, you can remain a director of other companies, but you may face restrictions if you have been disqualified by the Insolvency Service. In a CVL, the company ceases trading and you lose control, but you are not automatically banned. However, you must cooperate fully with the liquidator. Our team can explain your duties and help you avoid disqualification risks.
How much does company liquidation cost in Clifton Bristol?
Liquidation costs vary depending on company size, asset complexity, and creditor numbers. Typically, a CVL costs between £4,000 and £8,000 plus VAT, with fees paid from company assets or director contributions. We offer fixed fees and transparent pricing. Contact us for a free quote tailored to your company's specific needs.
What happens to employees when a company goes into liquidation in Clifton Bristol?
Employees are automatically made redundant when a liquidation order is made. The liquidator will terminate contracts and help employees claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. Our liquidators in Clifton Bristol ensure all statutory employee claims are processed correctly and promptly.
Can I liquidate a company with outstanding director loans in Clifton Bristol?
Yes, but director loans are considered assets of the company. The liquidator will require repayment or may accept a settlement. If the loan cannot be repaid, it could affect your ability to claim redundancy or lead to a claim for wrongful trading. We recommend seeking advice early to negotiate a fair outcome with the liquidator.
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