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 does a company liquidator do in Gillingham, Dorset?
A company liquidator in Gillingham, Dorset, is a licensed insolvency practitioner who manages the formal closure of a company. Their role involves selling company assets, settling debts with creditors in the correct legal order, investigating the company’s affairs, and distributing any remaining funds to shareholders. They also ensure all statutory filings are made and the company is legally dissolved.
How much does company liquidation cost in Gillingham?
The cost of liquidation in Gillingham varies based on the complexity of the case, the size of the company, and the type of liquidation required (CVL or MVL). Typically, fees range from £3,000 to £6,000 plus VAT for a straightforward CVL. However, our initial consultation is free, and we provide a fixed-fee quote after reviewing your financial position. Always confirm what services are included in the quote.
What is the difference between CVL and MVL in Dorset?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close voluntarily, often for tax efficiency. In a CVL, creditors control the process, whereas in an MVL, shareholders appoint the liquidator. Both require a licensed practitioner.
Can I still trade if my company is in liquidation in Gillingham?
Once a company enters liquidation, the liquidator takes control, and directors lose their powers to trade. However, the liquidator may continue trading temporarily to sell stock or complete contracts if it benefits creditors. You cannot initiate new trade or incur credit after liquidation begins, as this could lead to personal liability for wrongful trading.
How long does the liquidation process take in Gillingham?
The duration of liquidation in Gillingham typically ranges from 6 to 12 months for a straightforward CVL, but it can extend if there are complex asset sales, legal disputes, or missing records. An MVL is often faster, sometimes completing in 3 to 6 months. Your liquidator will provide a realistic timeline after the initial assessment.
What are the legal obligations of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company books, records, and financial information, and disclose any transactions that occurred in the months before liquidation. They must also attend meetings if required and cannot hide assets or prefer certain creditors. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
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