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 are the main types of company liquidation in Glamorgan?
The main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and Compulsory Liquidation which is court-ordered. Each process has distinct legal requirements and outcomes.
How much does a company liquidation cost in Glamorgan?
Costs vary based on company size, complexity, and asset value. Typically, a CVL ranges from £3,000 to £6,000 plus VAT, while an MVL may cost between £2,500 and £5,000. Our fees are fixed upfront with no hidden charges.
Can a director be personally liable for company debts in liquidation?
Generally no, but liability can arise if wrongful trading, fraudulent trading, or breach of director duties is proven. We advise on minimizing personal risk and preparing necessary documentation to avoid such claims.
How long does the liquidation process take in Glamorgan?
A Creditors Voluntary Liquidation typically completes within 6 to 12 months, depending on asset realisation and creditor queries. Members Voluntary Liquidation can be faster, often 3 to 6 months, if all matters are straightforward.
What happens to employees during company liquidation?
Employees are made redundant once liquidation begins. They can claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides necessary forms and guidance to employees.
Do I need to be based in Glamorgan to use your services?
No, we serve clients throughout the UK, but our local presence in Glamorgan ensures face-to-face meetings and familiarity with regional insolvency practices. We also offer virtual consultations for your convenience.
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