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
OVAL ACCOUNTANTS LTD
Your Bookkeeping, Accounting And Self Assessment Experts, Here To Bring You The Highest Standard Of Service.
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Cruse+Burke
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Owadally & Kings Partnership
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Cruse + Burke
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APRC Accountants
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Taxaccolega Chartered Accountants & Tax Advisers
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Tax Cruncher
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Central London Accountants
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Cheap - Accountants
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EFJ CONSULTING LTD
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Coman And Co Ltd
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Fitzgeralds Accountants Limited
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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. The directors initiate the process, and a licensed insolvency practitioner sells assets and distributes funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where shareholders decide to close the business, often for tax efficiency or retirement. In an MVL, the company can pay all its debts in full, and surplus funds are distributed to shareholders.
How much does company liquidation cost in East Hoathly?
The cost of liquidation varies depending on the complexity of the company's affairs, asset value, and number of creditors. For a simple Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee arrangements in many cases. Members Voluntary Liquidation costs are often lower, starting around £1,500. We provide a free initial consultation and a transparent quote before any work begins, so you know exactly what to expect.
How long does the liquidation process take?
A Creditors Voluntary Liquidation usually takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation can be completed more quickly, often within 3 to 6 months. The process involves appointing a liquidator, notifying creditors, selling assets, distributing funds, and finally applying to Companies House for dissolution. We aim to expedite the process while ensuring full legal compliance.
Can I continue trading if my company is in liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs. Directors' powers cease, and trading must stop immediately, except in limited circumstances where the liquidator may continue trading temporarily to sell stock or complete contracts. If you are considering liquidation, it is crucial to seek advice before making any decisions, as continuing to trade while insolvent could lead to personal liability for wrongful trading.
What are the legal obligations of directors during liquidation?
Directors have a duty to cooperate fully with the liquidator, providing all company records, accounts, and information as requested. They must also disclose any transactions that occurred in the lead-up to insolvency, including preferential payments or asset transfers. Failure to cooperate can result in personal liability, disqualification as a director, or even criminal prosecution. Our team helps directors understand their obligations and ensures they meet all statutory requirements throughout the process.
Can I liquidate a company that has no assets?
Yes, it is possible to liquidate a company with no assets, but the process may differ. If the company is insolvent and has no assets to cover liquidation costs, creditors may not be willing to fund the process. In some cases, directors may need to consider alternative options such as a Creditors Voluntary Liquidation funded by a third party or a simple strike-off from the Companies House register if the company meets the criteria. We assess your situation and recommend the most cost-effective solution.
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