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 CVL and an MVL for companies in Covent Garden?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where a licensed insolvency practitioner is appointed to wind up the company's affairs and distribute assets to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, allowing for tax-efficient distribution of retained profits to shareholders. In Covent Garden, we advise on which route is appropriate based on your company's solvency status.
How much does company liquidation cost in Covent Garden?
The cost of liquidation in Covent Garden varies depending on the complexity of the case, the size of the company, and the number of creditors. For a Creditors Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT and disbursements, often paid from company assets. For a Members Voluntary Liquidation (MVL), costs are usually fixed between £2,500 and £5,000. We always provide a clear, fixed-fee quote upfront with no hidden charges.
Can I continue trading after appointing liquidators in Covent Garden?
No. Once a liquidator is appointed, their control over the company is absolute. Directors' powers cease immediately. The liquidator's role is to realise assets, investigate the company's affairs, and distribute funds to creditors. Any trading after liquidation is only possible with the liquidator's explicit consent and is usually limited to completing existing contracts to maximise value.
What are the legal duties of directors during liquidation in Covent Garden?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and explanations of transactions. They must not conceal assets or destroy records. Directors also have a duty to submit a statement of affairs detailing assets and liabilities. Failure to cooperate can lead to personal liability, disqualification, or even criminal prosecution.
How long does a Creditors Voluntary Liquidation take in Covent Garden?
The initial CVL process, including the creditors' meeting and appointment of the liquidator, typically takes 2 to 4 weeks from the date of instruction. However, the full liquidation process, including asset realisation, claims adjudication, and final distribution, usually takes 6 to 12 months. Simple cases with no assets or disputes can be concluded in as little as 3 months.
Can I claim redundancy as a director if my Covent Garden company goes into liquidation?
Yes. If you are a director on the payroll and your company becomes insolvent and enters liquidation, you may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Our team can guide you through the claims process and ensure you receive all entitlements you are due.
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