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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HUBBLE ACCOUNTANCY LTD
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Kings Oak Accountancy
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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TKI Bookkeeping & Accounts
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Williamslester Brilliant Accounting Services
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MARLIS BOOKKEEPING & ACCOUNTANCY
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Purnells - Licensed Insolvency Practitioners
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SG CONTRACTOR ACCOUNTING LIMITED
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Woody's Payroll & Bookkeeping Services
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R Albert Accountancy Ltd
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DEAD SIMPLE ACCOUNTING LTD
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ADD- WORTH ACCOUNTANCY LTD
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Turner Barratt
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Accounting etc. limited
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Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
Capital Accountancy - Accountants & Tax Advisors
WE at CAPITAL ACCOUNTANCY specialises in helping small-to-medium sized businesses, sole traders, contractors and landlords. We make sure you pay the r...See More
Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL)?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. The directors voluntarily place the company into liquidation, and a licensed insolvency practitioner is appointed to sell assets and distribute funds to creditors. This process protects the company from legal action and allows for a structured closure.
How much does it cost to liquidate a company in Knowle?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £3,000 to £6,000 plus VAT and disbursements for a standard CVL. We provide a free, no-obligation consultation and a fixed-fee quote before you commit.
Can I continue trading if my company is in liquidation?
No, once a company enters liquidation, the directors' powers cease, and the appointed liquidator takes control. Trading is generally not permitted unless the liquidator specifically authorises it to complete contracts or preserve value. It is crucial to stop trading as soon as liquidation is decided to avoid personal liability for wrongful trading.
What is the difference between a CVL and an MVL?
A CVL is used for insolvent companies that cannot pay their debts, while an MVL is for solvent companies that have surplus assets and wish to close voluntarily, often for tax efficiency. In an MVL, the directors make a statutory declaration of solvency, and the process is typically faster and less complex than a CVL.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted responsibly and within the law. However, if there is evidence of wrongful trading, fraudulent trading, or misfeasance, the liquidator may pursue personal recovery. We help you prepare your case to minimise such risks.
How long does the liquidation process take in Knowle?
The length of liquidation depends on the company's complexity. A simple CVL can be completed in 6 to 12 months, while an MVL may be concluded in 3 to 6 months. The process involves appointing a liquidator, notifying creditors, realising assets, and distributing funds, with final closure once all matters are resolved.
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