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
Pharmatax
Pharmatax is a leading specialist in pharmacy accounting, offering tailored services that go beyond traditional bookkeeping. O...See More
Matrix Accountancy Services
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Matrix Accountancy Services Limited
Will Farmer FMAAT, AAT Licensed Accountant and Director of Matrix Accountancy Services Limited Hi I'm Will, In 2012 I...
Capital Accountancy - Accountants & Tax Advisors
WE at CAPITAL ACCOUNTANCY specialises in helping small-to-medium sized businesses, sole traders, contractors and landlords. We make sure you pay the r...See More
Naseems Accountants
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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
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FLEXIE ACCOUNTANTS LTD
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Zak Partnership
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Msi Accountancy Services
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ADD- WORTH ACCOUNTANCY LTD
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T.Y.E BOOKKEEPING LTD
For all your bookkeeping needs from self assessments, VAT returns, EC Sales List, general bookkeeping for sole traders or small businesses. I work on ...See More
MRC Accounting Services
Providing accounting services and solutions
Business Partners Accountants & Bookkeepers
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HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
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R Albert Accountancy Ltd
We are an AAT Licensed accountancy practice providing a professional and friendly service. A new accountancy practice offering fantastic one to one s...See More
SAFEBOOKS4U BOOKKEEPING SERVICES
For all Your Bookkeeping Needs Safebooks4u specializes in a variety of bookkeeping services with outstanding support. We understand how busy you are,...See More
Frequently asked questions
What are the different types of company liquidation in Coventry?
In Coventry, the two main types are Creditors Voluntary Liquidation (CVL) for insolvent companies and Members Voluntary Liquidation (MVL) for solvent companies. A CVL is initiated by directors when the company cannot pay its debts, while an MVL is used to close a solvent company tax-efficiently, often for retirement or restructuring.
How much does a company liquidator in Coventry charge?
Fees vary based on the complexity of the liquidation. For a Creditors Voluntary Liquidation, typical fixed fees range from £4,000 to £8,000 plus VAT, depending on asset realisation and creditor volume. Members Voluntary Liquidation fees are often lower, starting around £2,500. We provide a fixed-fee quote after a free initial consultation.
Can I keep trading while a liquidator is appointed?
No, once a liquidator is formally appointed, trading must cease immediately except for actions necessary to preserve asset value or complete work in progress. The liquidator takes control of the company's affairs. However, before appointment, directors can trade if it does not worsen creditor positions, but we advise seeking immediate professional guidance.
What happens to company assets during liquidation in Coventry?
The appointed liquidator will identify, secure, and realise all company assets, including property, equipment, stock, and intellectual property. Proceeds are distributed in a statutory order: secured creditors, preferential creditors (like employees), unsecured creditors, and finally shareholders if any funds remain. The liquidator provides a full report to creditors.
Will I be personally liable for company debts after liquidation?
Generally, no. As a director, you are not personally liable for company debts if you have acted within the law and not traded wrongfully or fraudulently. However, if you have given personal guarantees or misused company funds, you could be pursued. A professional liquidator will investigate and advise you on your exact position.
How long does the liquidation process take in Coventry?
A straightforward Creditors Voluntary Liquidation typically completes in 6 to 12 months, depending on asset sales and creditor claims. Members Voluntary Liquidation can be faster, often 3 to 6 months. Complex cases with litigation or many assets may take longer. Your liquidator will provide a realistic timeline during the initial assessment.
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