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 CVL and an MVL for companies in Goring On Thames?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets and the company cannot pay its debts. An MVL (Members Voluntary Liquidation) is for solvent companies where directors can declare solvency, typically for tax-efficient capital extraction or closing a business that is no longer needed. Our liquidators in Goring On Thames will assess your financial position and recommend the correct procedure.
How much does a company liquidation cost in Goring On Thames?
Costs vary based on complexity, asset value, and creditor numbers. For a straightforward CVL, fees often start around £4,000 to £6,000 plus VAT, but fixed-fee packages are available. MVL costs are typically higher due to tax planning. We provide transparent, fixed quotes before you commit, with no hidden charges. Contact us for a bespoke quotation.
Can I continue trading while my company is being liquidated?
Once a liquidator is appointed, directors lose control and trading generally ceases except for essential actions to preserve asset value or complete contracts. If you need to continue trading, alternatives like administration may be more suitable. Our advisors will explain all options to help you make an informed decision for your Goring On Thames business.
What happens to employees during a company liquidation in Goring On Thames?
Employees are automatically dismissed when a liquidator is appointed, unless the liquidator retains them temporarily to assist. They may claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator provides necessary documentation to support their claims. We ensure statutory employee rights are handled correctly.
Are directors personally liable for company debts after liquidation?
Generally, no – limited liability protects directors from personal responsibility for company debts. However, if wrongful trading, fraudulent activity, or personal guarantees exist, directors can be pursued. Our liquidators investigate conduct and advise on potential risks. Acting early with professional guidance minimises personal exposure. We help directors navigate these issues safely.
How long does the liquidation process take in Goring On Thames?
A CVL typically completes in 6 to 12 months, depending on asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months, if the company is simple. Complex cases with legal disputes or asset sales may take longer. Your liquidator provides a timeline at the outset and keeps you updated throughout.
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