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
Frequently asked questions
What is the difference between a CVL and an MVL in Leicestershire?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid. It ends the company's existence and allows the liquidator to realise assets for creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies, often used to extract retained profits tax-efficiently and close the company formally. Our liquidators in Leicestershire can assess your financial position and recommend the correct procedure.
How much do company liquidators charge in Leicestershire?
Liquidation costs vary based on company complexity, asset realisation, and creditor numbers. Typically, a CVL for a small company may cost between £3,000 and £6,000 plus VAT, while an MVL can be slightly less. We provide a fixed-fee quote after a free initial review, ensuring no hidden costs. Our fees are subject to approval by creditors and are paid from company assets where available.
Can I keep trading if I have appointed a liquidator?
Once a liquidator is appointed, they take control of the company. Directors' powers cease, and trading must stop unless the liquidator decides to continue temporarily to sell stock or complete contracts. Continuing to trade while insolvent without professional advice can lead to personal liability for wrongful trading. Contact us immediately to discuss your position before making any decisions.
What are the legal duties of directors during liquidation in Leicestershire?
Directors must cooperate fully with the liquidator, provide all company records, and disclose any transactions made in the past two years that could be considered preferences or transactions at undervalue. You must also attend a creditors' meeting if required. Failing to comply can result in personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through every requirement.
How long does a company liquidation take in Leicestershire?
A straightforward CVL typically completes within 6 to 12 months, depending on asset sales and creditor claims. An MVL can be concluded in as little as 3 to 6 months if all affairs are in order. Complex cases with investigations or legal disputes may take longer. Your liquidator will provide a realistic timeline after the initial assessment.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts unless you have given personal guarantees, or have acted fraudulently or wrongfully. If you have taken loans personally secured against assets, those creditors can pursue you. Our team helps you understand your exposure and works to minimise risks before and during the liquidation process.
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