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Bell Stanley Accountants
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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What is the difference between a CVL and an MVL in Honiton?
A Creditors Voluntary Liquidation (CVL) is used for an insolvent company that cannot pay its debts, where directors voluntarily choose to wind up the business to avoid compulsory liquidation. A Members Voluntary Liquidation (MVL) is for a solvent company, typically when directors wish to retire or close a business that has surplus assets, allowing for tax-efficient distribution of retained profits. Our Honiton liquidators will assess your situation and recommend the correct procedure.
How much does company liquidation cost in Honiton?
The cost of liquidation in Honiton varies depending on the complexity of the company's affairs, the number of creditors, and the size of the asset base. For a CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages and payment plans to help directors manage costs. An MVL is often less expensive, starting from around £2,500. We provide a detailed, transparent quote after a free consultation, with no hidden charges.
Can I keep my personal assets if my Honiton company goes into liquidation?
In most cases, personal assets such as your home, car, and savings are protected if you have not given personal guarantees or acted wrongfully. However, if you have used personal loans or directors' guarantees to secure company debt, creditors may pursue those assets. Our liquidators will review your financial history and advise on potential risks, including any claims for wrongful trading or misfeasance, to help you protect your personal position.
How long does a company liquidation take in Honiton?
A Creditors Voluntary Liquidation typically completes within 6 to 12 months, depending on how quickly assets can be sold and outstanding issues resolved. The initial meeting of creditors is usually held within 2 to 3 weeks of instruction. For a solvent MVL, the process can be completed in as little as 3 to 6 months, as there are fewer complexities. We aim to streamline the process to reduce stress and costs.
What are the duties of a director during liquidation in Honiton?
During liquidation, directors must cooperate fully with the liquidator, providing all company records, accounts, and information about assets and liabilities. You must not dispose of any company assets without permission, and you should continue to act in the best interests of creditors. You are also required to attend the creditors' meeting if asked. Failure to comply can result in personal liability or disqualification, so our team guides you through every step.
Can I liquidate a company that has no assets or money in Honiton?
Yes, it is possible to liquidate an insolvent company with no assets, but the costs of liquidation must be covered. In such cases, we may discuss options like a 'pre-pack' or a 'creditors' voluntary liquidation' where fees are paid from future contributions or by the directors personally, if they wish to avoid compulsory winding-up. Alternatively, if the company is truly dormant with no creditors, you may be able to apply for voluntary strike-off, which is a cheaper process. We will advise on the most cost-effective solution.
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