
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 Fawley?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL is for solvent companies that wish to close, typically for tax efficiency or retirement. Our licensed liquidators will advise which procedure is appropriate based on your company's solvency status.
How much does company liquidation cost in Fawley Hampshire?
Liquidation costs vary depending on the complexity of the case, the number of creditors, and the company's assets. We provide transparent, fixed-fee quotes after an initial free consultation. There are no hidden charges, and we will explain all costs upfront before you commit.
What are the legal duties of directors during a liquidation?
Directors must act in the best interests of creditors once insolvency is known. This includes not taking preferential payments, not disposing of assets at undervalue, and cooperating fully with the liquidator. Failure to do so can lead to personal liability, disqualification, or even criminal prosecution.
Can I continue to trade after appointing a liquidator?
Once a liquidator is appointed, their control over the company ceases. However, in certain circumstances, the liquidator may allow the directors to continue trading for a short period to sell assets or complete contracts, but this is always under the liquidator's supervision and for the benefit of creditors.
How long does a company liquidation take in Fawley?
A straightforward CVL can often be completed within 6 to 12 months, but complex cases with many assets or legal issues may take longer. An MVL is usually quicker, often concluding in 3 to 6 months. Your liquidator will provide a realistic timeline based on your specific situation.
What happens to employees when a company goes into liquidation?
Employees are automatically dismissed upon the appointment of a liquidator. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide the necessary forms and guidance to all affected staff.
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