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
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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is a voluntary process initiated by the directors and shareholders of an insolvent company, where a licensed insolvency practitioner is appointed to wind up the business. Compulsory liquidation is a court-ordered process, usually triggered by a creditor petitioning the court to force the company into liquidation. In a CVL, you retain more control and can choose the liquidator, whereas in compulsory liquidation, the court appoints an Official Receiver.
How much does company liquidation cost in Heswall?
The cost of liquidation varies depending on the size and complexity of the company. For a straightforward Creditors' Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT and disbursements. We always provide a fixed-fee quote after an initial free consultation, so you know exactly what to expect with no hidden costs. In some cases, if the company has assets, the liquidation costs may be covered from the proceeds.
Can I be held personally liable for company debts after liquidation?
In most cases, once a company enters liquidation, the liquidator takes control of its assets and distributes them to creditors. Directors are generally not personally liable for company debts, provided they have not acted wrongfully, such as trading while insolvent, misusing company funds, or failing to keep proper records. Our experts can help you ensure you have acted correctly and protect your position.
What is the process for placing my company into liquidation?
The process for a Creditors' Voluntary Liquidation (CVL) involves: 1) A meeting of shareholders to pass a resolution to wind up the company. 2) Appointment of a licensed insolvency practitioner as liquidator. 3) A meeting of creditors (or a deemed consent process) to confirm the appointment. 4) The liquidator then realizes assets, investigates affairs, and distributes funds to creditors. The entire process typically takes 6 to 12 months to complete.
How long does a company liquidation take to complete?
The duration of a liquidation depends on the complexity of the company's affairs. A straightforward CVL can often be completed within 6 to 9 months, but cases with complex asset realization, legal disputes, or incomplete records may take longer. Your liquidator will provide a realistic timeline during the initial consultation and keep you updated throughout the process.
Can I keep trading if my company is insolvent?
Once a company is insolvent, directors have a legal duty to act in the best interests of creditors, not shareholders. Continuing to trade while knowingly insolvent can lead to wrongful trading claims, making you personally liable for any additional debts incurred. If you are unsure about your company's solvency, seek immediate professional advice. Our team can help you assess your position and take appropriate action to avoid legal repercussions.
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