
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 County Durham?
A company liquidator in County Durham is a licensed insolvency practitioner who manages the closure of a company. Their role includes realising assets, settling creditor claims, investigating the company's affairs, and ensuring legal compliance. They act in the best interests of creditors while advising directors on their duties and options.
How much does a Creditor Voluntary Liquidation (CVL) cost in County Durham?
The cost of a CVL varies depending on the complexity of the company's affairs, the number of creditors, and the value of assets. Typically, fees are based on time and costs, or a fixed fee agreed upfront. Most liquidators offer a free initial consultation and provide a clear fee structure before you commit.
Can I continue trading if my company is insolvent in County Durham?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading. Directors must seek professional advice immediately. A liquidator can help you assess viability, but if the company cannot pay debts as they fall due, a formal procedure like CVL is often the safest route.
What is the difference between a CVL and an MVL?
A CVL (Creditors' Voluntary Liquidation) is used for insolvent companies, where debts cannot be paid. An MVL (Members' Voluntary Liquidation) is for solvent companies, where directors swear a declaration of solvency. MVLs are often used for tax-efficient extraction of retained profits, while CVLs focus on creditor recovery.
How long does a company liquidation take in County Durham?
The timeline depends on the complexity of the case. A straightforward CVL can be completed in 6 to 12 months, while an MVL may take slightly longer due to tax clearance requirements. Your liquidator will provide a realistic estimate based on your specific circumstances.
Will I be personally liable for company debts after liquidation?
Generally, no, if you have acted legally and not given personal guarantees. Once a company enters liquidation, the liquidator deals with debts from company assets. However, if you have given personal guarantees or engaged in misconduct, you may be pursued personally. Professional advice is essential to protect your position.
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