
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 CVL and MVL in Glengormley?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members Voluntary Liquidation) is for solvent companies where directors want to close the business and distribute assets. Our Glengormley liquidators will assess your balance sheet and recommend the correct procedure.
How much does a company liquidation cost in Glengormley?
Costs vary based on company complexity, asset values, and creditor numbers. For a straightforward CVL, fees typically range from £2,500 to £5,000 plus VAT, but we offer fixed-fee quotes after a free initial review. MVL costs are often lower because there are fewer statutory duties. We provide transparent pricing with no hidden charges.
Can I keep trading after appointing a liquidator in Glengormley?
Once a liquidator is appointed, directors lose control of the company. The liquidator takes over to realise assets and distribute funds to creditors. However, in some cases, we can advise on pre-liquidation trading or alternative rescue procedures like administration, which may allow the business to continue operating under certain conditions.
What are the legal duties of directors during liquidation in Glengormley?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and avoid preferential payments or asset disposals before liquidation. Failure to comply can lead to personal liability for debts or disqualification. Our team guides you through every step to ensure full compliance.
How long does a liquidation take in Glengormley?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months. Compulsory liquidation through the courts takes longer. We provide a timeline estimate after the initial review and keep you updated throughout the process.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from company debts unless you have given personal guarantees or acted wrongfully. Our Glengormley liquidators will review any guarantees and advise on negotiation strategies. We also help you avoid wrongful trading claims by documenting your actions properly.
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