
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 a Creditors' Voluntary Liquidation (CVL) in Cornwall?
A Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. A licensed insolvency practitioner is appointed as liquidator to sell company assets, investigate the directors' conduct, and distribute funds to creditors. The process typically concludes after a year, and the company is then dissolved.
How much do company liquidators in Cornwall charge?
Fees for a CVL in Cornwall typically range from £3,000 to £6,000 plus VAT, depending on the complexity of the case, asset realisation, and the number of creditors. For a Members' Voluntary Liquidation (MVL) on a solvent company, fees often start around £2,500. Always request a fixed-fee quote before appointing a liquidator.
Can I keep trading if my company is insolvent in Cornwall?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading. Directors must act in the best interests of creditors. If there is no reasonable prospect of avoiding liquidation, you should stop trading and seek professional advice from a licensed liquidator immediately.
What is the difference between a CVL and an MVL?
A CVL is used for insolvent companies where debts cannot be paid. An MVL is for solvent companies that wish to close voluntarily, often for tax efficiency. In an MVL, shareholders appoint a liquidator, and creditors are paid in full. Both procedures end with the company being struck off the Companies House register.
Will I be personally liable for company debts after liquidation in Cornwall?
In most cases, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if you have given personal guarantees, committed fraud, or engaged in wrongful trading. A liquidator will investigate and may seek compensation from directors if misconduct is found.
How long does a company liquidation take in Cornwall?
A straightforward CVL typically takes 6 to 12 months to complete, depending on asset sales and creditor claims. An MVL can be completed in as little as 3 to 6 months. Compulsory liquidations (court-ordered) may take longer due to legal proceedings. Your liquidator will provide a timeline at the outset.
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