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 for insolvent companies where directors cannot pay debts, and it protects them from personal liability. An MVL is for solvent companies where shareholders decide to close, often for tax efficiency or retirement. In an MVL, all debts are paid in full before distribution of assets.
How long does the liquidation process take in Esher Surrey?
A typical Creditors Voluntary Liquidation takes between 6 to 12 months to complete, depending on the complexity of the company's affairs. Members Voluntary Liquidation can sometimes be completed faster, often within 3 to 6 months, if all assets are easily realised and creditors are settled promptly.
What are the costs involved in appointing a liquidator for my company?
Liquidator fees vary based on the size and complexity of the company. For a CVL, fees are often paid from the company's assets, but if assets are insufficient, directors may need to contribute. For an MVL, fees are agreed upfront and paid from company funds. We provide transparent fee quotes before any work begins.
Can a director be held personally liable for company debts during liquidation?
Directors can be held personally liable if they have acted wrongfully, such as trading while insolvent without taking steps to protect creditors, or if they have misused company funds. However, by appointing a licensed liquidator early and cooperating fully, directors can significantly reduce this risk.
What happens to employees when a company goes into liquidation?
Employees are automatically made redundant when a company enters liquidation. The liquidator will ensure they receive their statutory redundancy pay, unpaid wages, holiday pay, and other entitlements, often through the National Insurance Fund (RPS). The liquidator will also provide necessary documentation for claims.
How do I choose the right liquidator for my company in Esher Surrey?
Look for a licensed insolvency practitioner (IP) who is registered with a recognised body such as the IPA or ICAEW. Check their experience with companies similar to yours, read client testimonials, and ensure they offer a free initial consultation. A local IP who understands the Surrey business landscape can provide valuable, personalised advice.
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