ACCOTAX - Accountants & Tax Consultants
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BROOKSON LIMITED
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MJF ACCOUNTANCY LIMITED
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Sambhav Management Limited
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GORILLA ACCOUNTING LIMITED
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Harris Rosenberg Chartered Accountants
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Norbury Bookkeeping Services
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Clarity Accountants
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LLOYDS ACCOUNTANTS LTD
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J. Jervis Accounting Services LTD
Frequently asked questions
What is the difference between a creditors voluntary liquidation and a members voluntary liquidation?
A creditors voluntary liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors but controlled by creditors, who approve the liquidator and oversee asset distribution. A members voluntary liquidation (MVL) is for solvent companies where directors can declare solvency, and shareholders appoint a liquidator to distribute assets and close the company tax-efficiently. Our Kingsway liquidators can assess your situation and recommend the correct route.
How long does a company liquidation take in Kingsway?
The timeline varies depending on the complexity of the company’s affairs. A straightforward creditors voluntary liquidation typically takes 6 to 12 months to complete, including asset realization and final distributions. A members voluntary liquidation can sometimes be completed in 3 to 6 months if records are clean and assets are easily sold. Our liquidators provide a realistic timeline after an initial review.
Can directors continue trading during liquidation?
Once a liquidation order is made or a resolution is passed, directors lose control of the company. However, before that point, directors have a duty to avoid wrongful trading and must not take on new credit if the company is insolvent. Our team advises on the correct point to cease trading and can help you prepare the necessary documentation to protect yourself from personal liability.
What are the costs of appointing a company liquidator in Kingsway?
Costs vary based on the size of the company, the complexity of the liquidation, and the type of procedure. For a CVL, fees are often paid from the company’s assets, but if assets are insufficient, directors may need to fund the process. We offer transparent fee structures and provide a fixed quote before you commit. Contact us for a free consultation and a detailed breakdown.
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 in good faith and complied with their duties. However, if there is evidence of wrongful trading, fraudulent activity, or personal guarantees, you could be held responsible. Our liquidators conduct a thorough review and advise you on your exposure. We also help you prepare a statement of affairs to demonstrate responsible conduct.
Can I liquidate a company that has no assets or cash?
Yes, it is possible to liquidate an insolvent company with no assets, but you may need to cover the liquidator’s fees personally or through a director’s loan. In such cases, a CVL can still be used to close the company properly and avoid penalties for late filing. Our team can discuss options like a voluntary strike-off if appropriate, but a formal liquidation offers better protection against director misconduct claims.
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