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 decide to voluntarily wind up the business because it cannot pay its debts. An MVL is used for solvent companies that wish to close, often for tax efficiency or retirement reasons. In an MVL, shareholders appoint a liquidator to distribute assets and surplus funds, while in a CVL, creditors are involved in approving the liquidation and a committee may be formed.
How long does a company liquidation process take in Fleet Street?
The duration depends on the type of liquidation and the complexity of the company's affairs. A simple Members' Voluntary Liquidation can often be completed within 6 to 9 months, while a Creditors' Voluntary Liquidation may take 12 to 18 months if there are assets to realise or investigations required. We provide a realistic timeline after reviewing your company's specific circumstances.
Can I continue trading while my company is in liquidation?
No. Once a winding-up order is made or a resolution to liquidate is passed, the liquidator takes control of the company's affairs. Directors' powers cease, and trading must stop immediately except for limited actions that the liquidator may permit to preserve asset value or complete contractual obligations. Continuing to trade without authorisation can lead to personal liability for directors.
What are the legal duties of directors when their company becomes insolvent?
Directors must act in the best interests of creditors once they know or suspect the company is insolvent. This includes avoiding wrongful trading, not making preferential payments, and ensuring accurate accounting records are maintained. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our advisors help directors understand and fulfil these duties correctly.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided they have not given personal guarantees, acted fraudulently, or engaged in wrongful trading. However, if directors have taken loans or provided personal guarantees for business borrowing, they may be pursued by lenders. We recommend seeking legal advice on any personal guarantees you have signed.
How much does it cost to appoint a company liquidator in Fleet Street?
Costs vary depending on the complexity of the liquidation, the size of the company, and the type of procedure. For insolvent liquidations, fees are often paid from the company's assets, subject to creditor approval. For solvent MVLs, we provide a fixed-fee quote before you proceed. We always provide transparent pricing with no hidden charges, and a free initial consultation is available.
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