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 role of a company liquidator in Ealing Common?
A company liquidator in Ealing Common is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role includes realising assets, settling creditor claims, investigating the company's financial history, and ensuring legal compliance. They act in the best interests of creditors and shareholders, aiming to maximise returns from the company's remaining assets while handling all statutory documentation and communication with Companies House and HMRC.
How much does a company liquidation cost in Ealing Common?
The cost of liquidation varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can increase if there are complex asset realisations or investigations. Always request a fixed-fee quote upfront to avoid unexpected costs. Our firm provides transparent pricing after an initial free consultation.
What is the difference between CVL and MVL liquidation?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts, initiated by the directors. A Members' Voluntary Liquidation (MVL) is for a solvent company where directors and shareholders wish to close the business, often for retirement or restructuring. In an MVL, the liquidator declares the company solvent and distributes assets to shareholders, potentially offering tax advantages. The choice depends entirely on your company's solvency status.
Can I keep trading if my company is insolvent in Ealing Common?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading under the Insolvency Act. You must seek professional advice immediately. A liquidator can help you assess whether there is a viable rescue plan, such as a Company Voluntary Arrangement (CVA), or if you should cease trading and enter liquidation promptly to protect yourself and creditors. Delaying action can have serious legal consequences.
What happens to company debts after liquidation is complete?
Once a company enters liquidation and the process is completed, the company is formally dissolved and its debts are written off, provided they are not secured against personal guarantees. Creditors cannot pursue the company for unpaid debts after dissolution. However, if you provided personal guarantees for business loans or leases, you remain personally liable for those amounts. A liquidator will advise you on the implications for your specific debts.
How long does a company liquidation take in Ealing Common?
A Creditors' Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset sales, creditor claims, and any legal disputes. A Members' Voluntary Liquidation can be faster, often 3 to 6 months. The timeline also depends on how quickly you provide necessary documentation and whether HMRC raises any queries. Your liquidator will give you a realistic timeline based on your company's specific circumstances.
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