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 process for a Creditors Voluntary Liquidation (CVL) in East Lincolnshire?
A CVL begins with a board meeting where directors resolve to wind up the company, followed by a shareholders' meeting to approve the resolution. A licensed insolvency practitioner is then appointed as liquidator. They take control of assets, notify creditors, and manage the realisation and distribution of funds. The entire process typically takes 6 to 12 months, but your specific timeline will be explained during the initial consultation.
How much does company liquidation cost in East Lincolnshire?
Costs vary based on company complexity, asset value, and creditor numbers. For a straightforward CVL, fixed fees typically range from £3,000 to £6,000 plus VAT, often payable from company assets. Some firms offer payment plans for directors. We provide a transparent, fixed-fee quote after a free initial assessment, with no hidden charges.
Can a company trade while in liquidation?
No, once a company enters liquidation, the liquidator takes over control and trading must cease immediately, except for actions needed to preserve asset value. If you wish to continue trading, alternatives like administration or a company voluntary arrangement (CVA) may be more appropriate. We can advise on the best route for your circumstances.
What are the legal duties of directors during insolvency in East Lincolnshire?
Directors must act in the best interests of creditors once insolvency is apparent, avoid wrongful trading, and provide full disclosure of company affairs to the liquidator. Failure to comply can result in personal liability for debts, disqualification, or even criminal prosecution. Seeking professional advice early is essential to meet these obligations.
What is a Members Voluntary Liquidation (MVL) and when is it used?
An MVL is used for solvent companies, often to distribute retained profits as capital gains rather than income dividends. It requires a declaration of solvency from directors, followed by shareholder approval. This is common for business owners retiring or restructuring. Our licensed IPs guide you through the process efficiently, often completing within 12 months.
What happens to employees when a company is liquidated?
In a CVL, employees are automatically made redundant from the date of liquidation. The liquidator handles termination paperwork and claims for statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. We ensure employees receive their entitlements and provide clear communication throughout to reduce stress.
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