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 Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL) in Guildford?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies, where the directors swear a declaration of solvency, and the company is wound up to distribute surplus assets to shareholders. Our Guildford liquidators can advise on which route is appropriate for your situation.
How much does company liquidation cost in Guildford, Surrey?
The cost of liquidation in Guildford varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £3,000 to £7,000 plus VAT and disbursements. MVL costs are often similar. We provide a fixed-fee quote after an initial free assessment, ensuring no hidden surprises. Contact us for a tailored quotation.
Can I continue to trade while my company is being liquidated in Guildford?
Once a liquidation order is made (CVL or MVL), the company ceases to trade, and the appointed liquidator takes control. However, before that, directors can continue trading if it is in the best interest of creditors, but they must not incur further debt if the company is insolvent. Our experts can help you decide the right time to stop trading and formally begin the liquidation process.
What happens to employees when a company goes into liquidation in Guildford?
In a CVL, all employees are automatically dismissed once the liquidation order is made. The liquidator will handle redundancy claims, unpaid wages, holiday pay, and notice pay through the National Insurance Fund (RPS). In an MVL, employees may be transferred or made redundant depending on the company's plans. Our team will guide you through employee communications and statutory obligations.
Are there any legal alternatives to liquidation for a struggling company in Guildford?
Yes, there are alternatives such as a Company Voluntary Arrangement (CVA) to restructure debts, administration to give breathing space from creditors, or informal negotiations with creditors. For solvent companies, striking off is a cheaper option but with limitations. Our Guildford insolvency practitioners will review your financial position and recommend the most suitable solution, potentially avoiding liquidation altogether.
How long does the liquidation process take in Guildford, Surrey?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be completed faster, often within 3 to 6 months. The process includes appointing the liquidator, notifying creditors, selling assets, and distributing funds. We work efficiently to minimise delays and keep you informed throughout.
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