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 are the signs that my company in Herefordshire needs liquidation?
Key signs include persistent cash flow problems, inability to pay suppliers or HMRC on time, growing creditor pressure, legal threats like winding-up petitions, and a balance sheet showing liabilities exceeding assets. If you are trading while insolvent, you risk personal liability for wrongful trading. Early advice from a licensed liquidator can help you assess your options and act lawfully.
What is the process for Creditors Voluntary Liquidation (CVL) in Herefordshire?
A CVL is initiated by the directors when a company is insolvent. The process involves a board meeting to pass a resolution to wind up the company, followed by a meeting of shareholders to approve the appointment of a liquidator. A licensed insolvency practitioner then takes control, realises assets, investigates the company's affairs, and distributes funds to creditors in the statutory order. The process typically takes 6 to 12 months to complete.
How much does it cost to appoint a liquidator in Herefordshire?
The cost 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 are often paid from the company's assets, but if assets are insufficient, directors may need to fund the process. We always provide a clear, fixed-fee quote before you commit, and our fees are fully disclosed to creditors.
Can I continue trading while my company is in liquidation?
Once a company enters liquidation, the liquidator takes control, and directors cease to have authority to trade. However, the liquidator may continue trading for a short period if it helps to sell the business as a going concern or to maximise asset value. This is done under strict oversight and only when it benefits creditors. Directors should not trade without approval once liquidation is imminent.
What is the difference between a CVL and an MVL?
A CVL (Creditors Voluntary Liquidation) is used for insolvent companies, where liabilities exceed assets. An MVL (Members Voluntary Liquidation) is for solvent companies, where the directors can declare solvency and the company has enough funds to pay all debts in full. MVLs are often used for tax-efficient distribution of retained profits to shareholders. The choice depends on your company's financial position.
Will I be personally liable for company debts after liquidation in Herefordshire?
In most cases, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if you have given personal guarantees, engaged in wrongful or fraudulent trading, or misused the company's funds. A liquidator will investigate your conduct, but if you have acted honestly and responsibly, your personal assets are protected.
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