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 role of a company liquidator in Gloucestershire?
A company liquidator in Gloucestershire is a licensed insolvency practitioner who manages the closure of a company. Their role includes realising assets, settling creditor claims, investigating the company's affairs, and ensuring legal compliance. They act in the best interests of creditors while advising directors on their duties and responsibilities throughout the liquidation process.
How much does company liquidation cost in Gloucestershire?
The cost of liquidation in Gloucestershire varies based on the complexity of the case, the size of the company, and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £7,000 plus VAT, but we offer fixed-fee packages and transparent pricing. We recommend contacting us for a tailored quote after a free initial consultation.
What is the difference between CVL and MVL?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. A Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close, often for tax efficiency. In an MVL, directors must swear a declaration of solvency, and the liquidator distributes assets to shareholders after settling all debts. Our team can advise which route is suitable for your situation.
Can a director be held personally liable during liquidation?
Directors can be held personally liable if they have acted wrongfully, traded while insolvent, or breached fiduciary duties. However, most directors who act in good faith and seek professional advice early are protected. Our liquidators help you review your conduct, address any potential issues, and ensure you comply with the Insolvency Act 1986 to minimise personal risk.
How long does the liquidation process take in Gloucestershire?
The length of liquidation depends on the complexity of the company's affairs. A simple CVL may be completed in 6 to 12 months, while more complex cases with asset realisation or legal disputes can take longer. MVLs are often quicker, sometimes closing within 6 months. We provide a realistic timeline after assessing your company's financial position.
What happens to employees when a company is liquidated?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. The liquidator will assist employees in claiming redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund. We also provide guidance on the process and help ensure all statutory claims are submitted correctly.
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