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 in Eastleigh?
A Creditors' Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts, where a liquidator sells assets and distributes proceeds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies, typically used by directors who want to close a profitable business and extract capital tax-efficiently. Our Eastleigh liquidators will assess your financial status to recommend the correct procedure.
How much does company liquidation cost in Eastleigh Hampshire?
Costs vary depending on the complexity of the liquidation, the size of the company, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we always provide a fixed-fee quote before you commit. MVL fees are often lower. We offer transparent pricing with no hidden charges, and we can discuss payment options during your free consultation.
Can I continue trading while my company is being liquidated?
No, once a liquidation order is made, trading must cease immediately, except for actions required to preserve asset value or complete essential contracts. Our liquidators will guide you on the correct legal steps to avoid wrongful trading claims. If you are considering liquidation, it is crucial to stop taking on new credit and seek advice as soon as possible.
What happens to employees during a company liquidation in Eastleigh?
Employees are made redundant on the date of liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. Our liquidators will provide each employee with the necessary forms (RP1) and explain the claims process, ensuring they understand their rights.
How long does the liquidation process take in East Hampshire?
The duration depends on the complexity of the company's affairs. A CVL can be concluded in as little as 6 to 12 months if asset realisation and creditor distributions are straightforward. However, if there are complex legal issues, outstanding director loans, or disputed claims, it may take longer. We will provide a realistic timeline at the outset and keep you informed throughout.
Will I be personally liable for company debts after liquidation?
Generally, no, as a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused the company's funds. Our Eastleigh liquidators will review your conduct and advise you on any potential risks. We aim to protect directors from personal claims where possible.
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