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 Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors decide to wind up the business because it cannot pay its debts. An MVL is used for solvent companies, typically when directors wish to retire or restructure, and it allows for tax-efficient distribution of assets. In East Lothian, our licensed IPs will assess your company's solvency and recommend the correct procedure.
How much does company liquidation cost in East Lothian?
The cost of liquidation varies based on the complexity of the case, the size of the company, and its assets. For a CVL, fees are often based on the realisation of assets and are subject to approval by creditors. For an MVL, fees are usually fixed or based on time. We provide transparent, upfront pricing after a free consultation, with no hidden costs.
Can a company director in East Lothian avoid personal liability during liquidation?
Yes, if you have acted in accordance with your statutory duties and have not traded wrongfully or fraudulently. Our role is to help you document decisions, ensure proper accounting, and demonstrate that you have acted in the best interests of creditors. We also advise on matters like director loans and personal guarantees to mitigate risks.
What happens to employees when a company in East Lothian goes into liquidation?
When a company enters liquidation, employees are made redundant automatically. The liquidator will calculate statutory redundancy pay, notice pay, and accrued holiday pay. These claims are paid from the National Insurance Fund (via the Redundancy Payments Service) if there are insufficient company assets. We guide employees through the claims process and provide necessary documentation.
How long does the liquidation process take in East Lothian?
A CVL typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be completed in a shorter period, often 3 to 6 months, if the company's affairs are straightforward. The timeline also depends on HMRC's response and any legal challenges. We aim to conclude matters as swiftly as possible.
Can I continue trading after my company in East Lothian goes into liquidation?
No, once a company enters liquidation, it ceases to trade immediately, except for actions necessary to preserve asset value or complete contracts. If you wish to continue operating, we would explore alternatives like a Company Voluntary Arrangement (CVA) or administration. We will explain all options before you commit to liquidation.
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