
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 CVL and MVL in Clifton Moor York?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts, where a licensed insolvency practitioner realises assets to pay creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used by directors to extract retained profits as capital gains, which is more tax-efficient than dividends. Our Clifton Moor York team can assess your situation and recommend the correct procedure.
How much does company liquidation cost in Clifton Moor York?
Liquidation costs vary depending on the complexity and size of the company. For a CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages for straightforward cases. In Clifton Moor York, we provide transparent quotes upfront with no hidden costs. For solvent MVLs, fees are often based on the value of assets distributed. Contact us for a tailored quote.
Can I keep trading while my company is being liquidated in Clifton Moor York?
Once a formal liquidation process begins, the licensed liquidator takes control of the company, and directors lose their authority to trade. However, before liquidation, you can continue trading as long as you do not incur further credit while insolvent, as this could lead to wrongful trading claims. Our advisors in Clifton Moor York can guide you on legal trading practices during the pre-liquidation period.
What are the legal duties of directors during liquidation in Clifton Moor York?
Directors must cooperate fully with the liquidator, provide all company records, accounts, and explanations of transactions. They must not hide assets or destroy records. If you have acted in good faith and complied with your duties, you can often obtain a Director's Discharge, which releases you from future claims. Our team helps directors in Clifton Moor York understand and fulfil these obligations.
Will I be personally liable for company debts in Clifton Moor York?
Generally, no, as limited liability protects your personal assets. However, personal liability can arise if you have given personal guarantees for loans or credit, or if wrongful trading, fraudulent trading, or misfeasance is proven. Directors who have taken unlawful dividends or used company funds for personal benefit may also face claims. Our liquidators in Clifton Moor York assess potential risks and advise on mitigation.
How long does a company liquidation take in Clifton Moor York?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often completed within 3 to 6 months if no complex issues arise. The process involves a meeting of creditors, asset valuation, and final distribution. Our Clifton Moor York team works efficiently to close your company as quickly as possible while ensuring legal compliance.
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