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 Members Voluntary Liquidation (MVL) and a Creditors Voluntary Liquidation (CVL)?
A Members Voluntary Liquidation (MVL) is used for solvent companies where directors can declare solvency, allowing for efficient asset distribution and company closure. A Creditors Voluntary Liquidation (CVL) is for insolvent companies where creditors control the process, and the liquidator sells assets to repay debts. MVLs are initiated by shareholders, while CVLs are initiated by directors but overseen by creditors.
How long does the liquidation process take in Stockton?
The timeline varies based on company complexity and asset structure. A straightforward Creditors Voluntary Liquidation typically completes in 6 to 12 months, while a Members Voluntary Liquidation can be finalized in 3 to 6 months if all documentation is in order. Our liquidators work efficiently to minimize delays and provide regular progress updates.
Can a company continue trading during liquidation?
Once liquidation begins, directors lose control, and the appointed liquidator takes over. However, in certain cases, the liquidator may continue trading temporarily to maximize asset value or complete contracts. This is rare and requires creditor approval. For solvent companies, an MVL allows no further trading after commencement, but pre-liquidation trading is permitted until the resolution is passed.
What are the costs involved in hiring a company liquidator in Stockton?
Costs depend on the liquidation type and complexity. For a Creditors Voluntary Liquidation, fees are typically based on a percentage of realizable assets or an agreed fixed fee, paid from company funds. For a Members Voluntary Liquidation, a fixed fee is common, often ranging from £2,500 to £5,000 plus disbursements. We provide transparent quotes before any work begins, with no hidden charges.
What happens to employees during a company liquidation?
Employees are automatically dismissed when a liquidation order is made, but they may be retained by the liquidator to assist with asset preservation. Employees can claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Our liquidators guide employees through the claims process and ensure statutory entitlements are addressed.
Can I liquidate a company if it has outstanding debts to HMRC?
Yes, you can liquidate a company with HMRC debts. In a Creditors Voluntary Liquidation, HMRC is treated as an unsecured creditor (unless they hold a preferential status for certain taxes). The liquidator will assess the company's financial position and negotiate with HMRC on your behalf. Directors must ensure no wrongful trading occurs, and all records are accurate to avoid personal liability.
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