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
Matrix Accountancy Services
"Offering a friendly and professional service, I provide ongoing advice and support for every stage of your business journey. As an AAT Licensed Acc...See More
Matrix Accountancy Services Limited
Will Farmer FMAAT, AAT Licensed Accountant and Director of Matrix Accountancy Services Limited Hi I'm Will, In 2012 I...
ADD- WORTH ACCOUNTANCY LTD
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Pharmatax
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Zak Partnership
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Msi Accountancy Services
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FLEXIE ACCOUNTANTS LTD
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Capital Accountancy - Accountants & Tax Advisors
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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
DOLAN ACCOUNTANCY LIMITED
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TAA CONSULTANTS LTD
TAA Consultants- Super Accountants 69201 - Accounting and auditing activities 69202 - Bookkeeping activities
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
John Lavender accounting ltd
John Lavender Accounting Firm is a beacon of precision and expertise in the financial landscape. With a legacy steeped in integrity and excellence, we...See More
Modus Accountants Limited
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Frequently asked questions
What is the difference between a creditors voluntary liquidation (CVL) and a members voluntary liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by the directors but is controlled by creditors, who vote on the appointment of a liquidator. An MVL is used for solvent companies that wish to close, often for tax planning purposes. In an MVL, shareholders appoint a liquidator to distribute assets and dissolve the company, which can be more tax-efficient than simply striking off.
How much does it cost to appoint a company liquidator in Daventry?
The cost of liquidation varies depending on the complexity of your case, the size of your company, and the type of liquidation required. For a solvent MVL, fees may start from around £2,500 plus VAT, while an insolvent CVL often has fees that are agreed with creditors and may be based on the realisation of assets. We provide transparent, fixed-fee quotes in most cases, so you know exactly what to expect before proceeding.
Can I keep my business if it enters liquidation?
If your company enters creditors voluntary liquidation, the business itself will cease to trade, and the assets will be sold to repay creditors. However, you may be able to buy back certain assets from the liquidator or start a new business, subject to certain restrictions. Directors should seek professional advice to avoid issues such as phoenix trading, which can lead to personal liability.
What are the legal duties of a director when a company is insolvent?
Directors have a legal duty to act in the best interests of creditors once a company becomes insolvent. This includes avoiding wrongful trading, which means continuing to trade while knowing the company cannot avoid liquidation. You must also provide accurate financial information, cooperate with the liquidator, and attend meetings as required. Failing to meet these duties can result in personal liability, disqualification, or even criminal prosecution.
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 given personal guarantees. However, if you have signed personal guarantees for loans, leases, or supplier credit, you may be pursued for those debts. Additionally, if wrongful trading or fraudulent activity is found, you could be made personally responsible for some or all of the company's liabilities.
How long does the liquidation process take in Daventry?
The timeline for liquidation depends on the complexity of the case. A straightforward members voluntary liquidation (MVL) can often be completed within 6 to 9 months, including the required statutory advertising periods. A creditors voluntary liquidation (CVL) may take longer, typically 6 to 12 months, as the liquidator needs to investigate affairs, sell assets, and agree claims with creditors. Your liquidator will provide a more accurate estimate after an initial review.
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