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 Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by directors and shareholders, and a licensed insolvency practitioner is appointed to liquidate assets and distribute funds to creditors. An MVL is used when a company is solvent but the directors wish to close it down, often for retirement or restructuring. In an MVL, shareholders appoint a liquidator to distribute surplus assets before striking the company off the register.
How long does the company liquidation process take in Embankment Belfast?
The duration varies depending on the complexity of the company's affairs. A simple MVL can often be completed within 6 to 12 months, while a CVL may take longer if there are many assets to sell or disputes with creditors. Our team works efficiently to minimise delays, and we provide regular updates throughout the process.
Can I continue trading while my company is in liquidation?
Once a company enters liquidation, the appointed liquidator takes control of the company's affairs. Directors' powers cease, and trading is generally not permitted except for the purpose of winding up the company's business in an orderly manner. The liquidator may authorise limited trading to complete existing contracts or sell stock, but this is at their discretion.
What are the legal obligations of directors when a company is insolvent?
Directors have a duty to act in the best interests of creditors when the company is insolvent. This includes avoiding wrongful trading, which means continuing to incur debts when there is no reasonable prospect of repayment. Directors must also provide full and accurate information to the liquidator and cooperate with the investigation of the company's affairs. Failure to meet these obligations can lead to personal liability or disqualification.
Will employees be paid if the company goes into liquidation?
Employees who are owed wages, holiday pay, or redundancy pay may be able to claim these from the National Insurance Fund if the company cannot pay them. The liquidator will provide the necessary forms and guidance. Preferential creditors, including employees, are paid from the company's assets before unsecured creditors.
How much does it cost to appoint a company liquidator in Embankment Belfast?
The cost depends on the size and complexity of the company, but we offer competitive fixed fees for standard CVL and MVL cases. In a CVL, the liquidator's fees are paid from the company's assets, subject to approval by creditors. We provide a transparent fee structure upfront, with no hidden charges, and we can discuss payment options if assets are insufficient.
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