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 difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members Voluntary Liquidation) is used when a company is solvent and directors wish to close it formally, often for tax efficiency. Our liquidators in East Anglia will assess your financial position and recommend the correct procedure.
How much does a company liquidation cost in East Anglia?
Costs vary based on the complexity of the case, asset values, and creditor numbers. For a straightforward CVL, fees typically start from around £4,000 plus VAT, but we offer fixed-fee packages with no hidden charges. We provide a detailed quote after a free consultation.
How long does the liquidation process take?
A CVL usually takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can often be completed in 3 to 6 months. Our East Anglia liquidators work efficiently to close your company as quickly as possible.
Can I keep trading while the liquidation is in progress?
Once a liquidation order is made, directors lose control of the company. However, before that, you may continue trading if it does not worsen creditor losses. Our advisors will guide you on the legal boundaries to avoid wrongful trading claims.
What happens to employees when a company is liquidated?
Employees are made redundant immediately upon liquidation. They can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. Our liquidators provide employees with the necessary claim forms and guidance.
Are directors personally liable for company debts after liquidation?
Generally, no – if directors have acted lawfully and not traded wrongfully or fraudulently, they are not personally liable for company debts. However, personal guarantees on loans or leases can make you liable. We review all guarantees during your initial consultation.
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