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 Members' Voluntary Liquidation (MVL) and a Creditors' Voluntary Liquidation (CVL)?
A Members' Voluntary Liquidation (MVL) is used for solvent companies where directors can confirm the business can pay its debts in full within 12 months. It is often used for tax-efficient extraction of retained profits. A Creditors' Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts, and it protects the company from creditor action while an insolvency practitioner realises assets for the benefit of creditors.
How much does company liquidation cost in Clifton Moor?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we always provide a fixed fee quote after a free initial assessment. MVL costs are often similar but may be lower for simple cases. Contact us for a personalised quotation.
Can I continue trading while my company is being liquidated?
No, once a liquidation order is made or a resolution to wind up is passed, the company must cease trading immediately. However, the liquidator may allow limited trading to complete existing contracts or sell stock if it benefits creditors. During the pre-liquidation period, directors must avoid wrongful trading and seek professional advice as soon as insolvency is foreseeable.
What happens to employees if my company goes into liquidation?
In a Creditors' Voluntary Liquidation, employees are automatically made redundant on the date the liquidation begins. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and other arrears from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with the necessary claim forms (form RP1) and guide them through the process.
Are directors personally liable for company debts after liquidation?
Generally, no – a limited company is a separate legal entity, so directors are not personally liable for company debts unless they have given personal guarantees, engaged in fraudulent or wrongful trading, or misappropriated company assets. The liquidator investigates director conduct and can pursue claims if misconduct is found. Seeking early professional advice helps minimise these risks.
How long does the liquidation process take in Clifton Moor?
A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members' Voluntary Liquidations can be completed in as little as 3 to 6 months if the company's affairs are straightforward. The liquidator must file final accounts with Companies House, and the process concludes once the company is formally dissolved.
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