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 CVL and MVL in Letchworth Garden City?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. An MVL is used when a company is solvent and shareholders wish to close it, often for tax efficiency. In a CVL, a licensed insolvency practitioner realises assets to pay creditors, while in an MVL, surplus assets are distributed to shareholders after all debts are settled.
How much does company liquidation cost in Letchworth Garden City?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT, but we offer fixed-fee packages to provide certainty. An MVL may cost less if the company has minimal assets. We always provide a detailed quote after a free initial consultation.
Can I continue trading after filing for liquidation?
Once a company enters liquidation, the directors' powers cease, and the appointed liquidator takes control. You cannot continue trading in the same company name unless you purchase the business assets from the liquidator and start a new company, which may require permission from the court or the Secretary of State. Our advisors can guide you on the legal restrictions and potential alternatives.
What are the legal responsibilities of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that occurred in the period leading up to liquidation. You must also avoid wrongful trading—continuing to trade while knowing the company is insolvent—as this can lead to personal liability. Our experts help you understand and fulfil these duties to protect your position.
How long does the liquidation process take in Letchworth Garden City?
A typical CVL takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months if all statutory requirements are met promptly. The process involves an initial meeting, submission of forms to Companies House, and a final account to creditors and shareholders.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if the company has been trading legitimately and they have not given personal guarantees. However, if wrongful trading, fraudulent activity, or misfeasance is found, a court may order you to contribute to company assets. Our team can assess your situation and advise on potential risks before you proceed.
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