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 solvent and insolvent company liquidation in Heathrow?
Solvent liquidation, known as Members' Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. It allows for tax-efficient distribution of assets to shareholders. Insolvent liquidation, typically Creditors' Voluntary Liquidation (CVL), is used when the company cannot pay its debts. A licensed liquidator takes control, realises assets, and distributes proceeds to creditors in the statutory order.
How long does a company liquidation take in Heathrow?
For a solvent MVL, the process typically completes in 6 to 12 months, depending on the complexity of asset realisation and tax clearance from HMRC. An insolvent CVL can be concluded in as little as 6 to 8 weeks if the company's affairs are straightforward. However, investigations and creditor claims may extend the timeline. Your liquidator will provide a realistic estimate after reviewing your company's records.
Can I keep trading while my company is being liquidated?
Once a liquidator is appointed, they take control of the company and you lose the authority to trade. However, before formal liquidation, directors can continue trading if it is in the best interests of creditors. This is a complex area, and wrongful trading risks apply. Our advisors can help you decide the correct timing for liquidation to avoid personal liability.
What are the legal duties of directors during a Heathrow liquidation?
Directors must cooperate fully with the liquidator, provide all company records, accounts, and information about assets and liabilities. They must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. We guide directors through every step to ensure full compliance with the Insolvency Act.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not given personal guarantees, acted fraudulently, or traded wrongfully. If you have given a personal guarantee for a business loan or lease, the lender can pursue you for that debt. Our liquidation specialists will assess any potential risks before you proceed.
How much does it cost to hire a company liquidator in Heathrow?
Costs vary depending on the type of liquidation and complexity. For a CVL, the liquidator's fees are often paid from the company's assets, but if assets are insufficient, directors may need to contribute. For an MVL, fees are typically fixed and agreed upfront. We offer transparent, competitive pricing and provide a detailed quote before you commit. Contact us for a free consultation and fee breakdown.
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