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 a Hayling Island company?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The liquidator sells assets to repay creditors and investigates the directors' conduct. A Members Voluntary Liquidation (MVL) is for a solvent company where directors want to close it, often for tax efficiency or retirement. In an MVL, the liquidator distributes surplus assets to shareholders after all debts are settled. Our team will assess your financial position to recommend the correct procedure.
Can directors of a Hayling Island company be held personally liable for company debts?
Generally, directors are not personally liable for company debts because a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, traded wrongfully (continuing to trade while knowing the company is insolvent), or acted in breach of fiduciary duty. Our insolvency practitioners can review your actions and advise on risk mitigation. Early professional advice is crucial to avoid personal financial exposure.
How long does the company liquidation process take in Hayling Island?
The length of a liquidation varies. A Creditors Voluntary Liquidation typically takes between 6 to 12 months to conclude, depending on the complexity of asset realisation and creditor claims. A solvent Members Voluntary Liquidation can be completed in as little as 3 to 6 months. Our team works efficiently to expedite the process while ensuring full compliance with the Insolvency Act 1986. We provide regular updates to directors throughout.
What are the costs of appointing a liquidator in Hayling Island?
Liquidation costs are typically paid from the company's assets. If there are insufficient assets, the directors may need to contribute to cover the liquidator's fees, or the process may be funded by a third party. We offer transparent, fixed-fee structures for CVL and MVL, with no hidden charges. During your free consultation, we will provide a detailed breakdown of all costs and funding options available to your company.
Will I lose my job if my Hayling Island company goes into liquidation?
Yes, as a director, your employment ceases when the company enters liquidation, and you are not entitled to redundancy pay from the company. However, you may be able to claim certain payments from the National Insurance Fund, such as unpaid wages, holiday pay, and statutory redundancy, if you were also an employee. Our advisors can explain your entitlements and assist with the necessary claims to the Redundancy Payments Service.
What happens to company assets and stock during liquidation in Hayling Island?
Once a liquidator is appointed, they take control of all company assets, including stock, equipment, vehicles, and intellectual property. The liquidator will secure these assets to prevent loss, arrange independent valuations, and then sell them at the best possible price to maximise returns for creditors. You must not dispose of any assets after the decision to liquidate is made, as this could constitute an offence. We handle all asset realisation professionally.
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