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 solvent and insolvent liquidation in East Leeds?
A solvent liquidation, typically a Members Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. An insolvent liquidation, usually a Creditors Voluntary Liquidation (CVL), is for companies that cannot pay their debts as they fall due. Our licensed liquidators in East Leeds will assess your financial position and recommend the correct procedure.
How long does the liquidation process take for a company in East Leeds?
The duration varies based on complexity. A straightforward Creditors Voluntary Liquidation (CVL) can be completed in 6 to 12 months, while a Members Voluntary Liquidation (MVL) may take around 6 months to finalize. Factors such as asset sales, creditor claims, and legal issues can extend the timeline. We provide a clear timeline during your initial consultation.
Can I keep trading if my company is insolvent in East Leeds?
Trading while insolvent can lead to personal liability for wrongful trading if you do not act in the best interests of creditors. It is crucial to seek professional advice immediately. Our liquidators in East Leeds can help you assess whether continued trading is viable or if immediate liquidation is necessary to protect your position.
What are the costs of hiring a company liquidator in East Leeds?
Costs depend on the size and complexity of the company. For a CVL, fees are often based on the value of assets realized, while an MVL may have a fixed fee or hourly rate. We provide transparent pricing and a written fee structure before you commit. In many cases, the costs are paid from the company's assets, not from your personal funds.
What happens to employees if my company goes into liquidation in East Leeds?
Employees are automatically made redundant when a company enters compulsory liquidation, but in a CVL, they may be retained temporarily to assist with asset handover. They may be entitled to redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. Our liquidators will guide you on employee obligations and support communication.
Can I strike off my company instead of using a formal liquidation in East Leeds?
Strike-off is only possible if the company is solvent, has not traded for at least three months, and has no assets or liabilities. If your company is insolvent or has outstanding debts, strike-off is not appropriate. Our advisors will explain the legal risks and recommend formal liquidation to avoid penalties and director disqualification.
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