
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 role of a company liquidator in Co. Durham?
A company liquidator is a licensed insolvency practitioner who manages the formal closure of a company. Their role includes realising assets, settling creditor claims, investigating director conduct, and ensuring legal compliance. In Co. Durham, liquidators also provide strategic advice on whether liquidation is the best option or if alternatives like administration or a CVA might be more suitable for your circumstances.
How much does company liquidation cost in County Durham?
The cost of liquidation varies based on the complexity of your company's affairs, asset values, and number of creditors. For a Creditors' Voluntary Liquidation (CVL), typical fees range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages with no hidden extras. During your free consultation, we will provide a detailed quote based on your specific situation.
How long does the liquidation process take in Co. Durham?
A straightforward Creditors' Voluntary Liquidation (CVL) usually completes within 6 to 12 months, depending on how quickly assets can be sold and claims are resolved. For solvent liquidations, the process can be faster, often concluding in 3 to 6 months. We work efficiently to minimise delays and keep you updated at every stage.
Can I continue trading while my company is in liquidation?
Once a company enters liquidation, directors lose control, and the liquidator takes over. Trading is not permitted unless the liquidator decides to continue trading temporarily to sell stock or complete contracts. If you are still trading but facing difficulties, it is crucial to seek advice early to explore rescue options before liquidation becomes necessary.
What are the alternatives to company liquidation in County Durham?
Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to restructure the business, or informal negotiations with creditors. For solvent companies, striking off or a Members' Voluntary Liquidation (MVL) may be appropriate. Our licensed liquidators will assess your financial position and recommend the most cost-effective and legally compliant solution.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted in accordance with their duties. However, personal liability can arise if there is evidence of wrongful trading, fraudulent activity, or personal guarantees. Our team will review your conduct to identify any potential risks and provide guidance to protect your personal assets.
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