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AWS ACCOUNTANTS (LONDON) LLP
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Frequently asked questions
What does a company liquidator in Dagenham do?
A company liquidator in Dagenham is a licensed insolvency practitioner who formally closes down a company by selling its assets, settling creditor claims, and distributing any remaining funds to shareholders. They also investigate the company's affairs and ensure all legal requirements are met under the Insolvency Act 1986.
How much does company liquidation cost in Dagenham?
The cost of liquidation in Dagenham varies based on the complexity of the case, the number of creditors, and the size of the company's assets. Typically, fees range from £1,500 to £5,000 for a simple creditors voluntary liquidation, but we always provide a fixed quote after an initial free consultation so there are no hidden costs.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. A Members Voluntary Liquidation (MVL) is used when a company is solvent and shareholders wish to close it, often for tax efficiency. Our Dagenham liquidators will advise which procedure is appropriate for your circumstances.
Can I liquidate a company with no assets in Dagenham?
Yes, you can liquidate a company with no assets, but it may be more cost-effective to use a company strike-off procedure instead. However, if the company has significant debts, a CVL is still recommended to protect directors from accusations of wrongful trading. We will assess your situation and suggest the best route.
How long does the liquidation process take in Dagenham?
The length of liquidation depends on the complexity of the case. A straightforward CVL can be completed within 6 to 12 months, while an MVL may take 3 to 6 months. Complex cases with disputed assets or legal challenges can take longer. Our Dagenham liquidators provide a realistic timeline during the initial consultation.
Will I be personally liable for company debts after liquidation?
In most cases, no. Once a company enters liquidation, directors are released from personal liability for company debts, provided they have acted lawfully and not given personal guarantees. However, if there is evidence of fraud or wrongful trading, personal liability can arise. Our experts will review your conduct and guide you safely through the process.
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