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
SJD ACCOUNTANCY LIMITED
SJD Accountancy is the UK’s largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers; we’ve been ...See More
Frequently asked questions
What is the role of a company liquidator in Hertfordshire?
A company liquidator in Hertfordshire is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role includes assessing the financial position, realising assets, settling creditor claims, investigating director conduct, and ensuring statutory compliance. They act in the best interests of creditors while guiding directors through the legal process, whether it is a creditors voluntary liquidation or a members voluntary liquidation.
How much does company liquidation cost in Hertfordshire?
The cost of company liquidation in Hertfordshire varies based on the complexity of the case, the size of the company, and the type of liquidation required. For a simple Creditors Voluntary Liquidation, fees typically range from £3,000 to £7,000 plus VAT, but this can increase if there are complex asset recoveries or legal issues. Always obtain a fixed-fee quote from a licensed insolvency practitioner to avoid hidden costs.
Can I keep trading if my company is insolvent?
If your company is insolvent, you can continue trading temporarily if doing so does not worsen creditor losses and you are actively pursuing a rescue or liquidation solution. However, continuing to trade while knowing the company cannot pay debts can lead to personal liability for wrongful trading. It is crucial to seek professional advice from a liquidator immediately to understand your legal duties.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where directors initiate the process to close the business and avoid compulsory liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, allowing directors to distribute surplus assets tax-efficiently. The key difference is solvency: CVL deals with debts that cannot be paid, while MVL confirms the company can pay all liabilities in full.
How long does the liquidation process take in Hertfordshire?
A typical Creditors Voluntary Liquidation takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidations are often quicker, sometimes concluding in 3 to 6 months. However, if there are legal disputes, director investigations, or difficult asset sales, the process can extend. Your liquidator will provide a timeline based on your specific circumstances.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and the company is liquidated through a formal process like CVL. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. A professional liquidator will review your conduct and advise you on any potential risks before proceeding.
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