ACCOTAX - Accountants & Tax Consultants
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Bell Stanley Accountants
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Purnells - Licensed Insolvency Practitioners
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HUBBLE ACCOUNTANCY LTD
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TKI Bookkeeping & Accounts
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R Albert Accountancy Ltd
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QUENTELA ACCOUNTING LIMITED
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ADD- WORTH ACCOUNTANCY LTD
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Frequently asked questions
What is the difference between a CVL and an MVL in Cullompton?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies that wish to close. In a CVL, a licensed insolvency practitioner realises assets and distributes proceeds to creditors, and the company is dissolved. In an MVL, the process is simpler, as all debts are paid in full, and surplus funds are distributed to shareholders. Our team in Cullompton will assess your financial position and recommend the correct procedure.
How much does company liquidation cost in Cullompton?
The cost of liquidation in Cullompton varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are typically based on the value of assets realised and are subject to approval by creditors. We offer transparent, fixed-fee options for straightforward cases, and we always provide a detailed quote before any work begins. In many instances, no upfront payment is required, as fees are taken from company assets.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, their control over the company begins immediately. The liquidator's role is to cease trading, protect assets, and wind down the company's affairs. However, in some cases, the liquidator may allow limited trading to complete existing contracts if it benefits creditors. Our liquidators in Cullompton will advise you on the best course of action during your initial consultation.
What are the legal duties of directors during liquidation in Cullompton?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and explanations of transactions. They must also avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvency. Directors have a duty to act in the best interests of creditors from the point of insolvency. Our team will guide you through your responsibilities to ensure compliance and minimise personal risk.
How long does the liquidation process take in Cullompton?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. The process includes a meeting of creditors, asset disposal, distribution of funds, and final dissolution. Our liquidators in Cullompton aim to expedite the process while ensuring full legal compliance.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and not engaged in fraudulent or wrongful trading. However, personal guarantees on loans or leases may still be enforced by creditors. If you have given personal guarantees, it is essential to seek advice early. Our team will assess your exposure and advise on possible negotiation strategies.
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