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 role of a company liquidator in Livingstones?
A company liquidator in Livingstones is a licensed insolvency practitioner appointed to wind up a company's affairs. Their role includes selling company assets, distributing proceeds to creditors, investigating the company's financial history, and ensuring that all legal obligations are met. They also handle employee claims, notify relevant authorities, and ultimately apply to dissolve the company from the Companies House register.
How much does company liquidation cost in Livingstones?
The cost of liquidation in Livingstones varies depending on the complexity of the case, the size of the company, and the type of liquidation required. Creditors voluntary liquidation (CVL) fees typically range from £3,000 to £7,000 plus VAT, while members voluntary liquidation (MVL) may cost between £2,500 and £5,000. We provide transparent fee quotes after an initial free consultation.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts, while a Members Voluntary Liquidation (MVL) is for solvent companies that wish to close. In a CVL, creditors control the process and a liquidator is appointed to repay debts. In an MVL, shareholders appoint a liquidator to distribute surplus assets before dissolution.
Can directors be held personally liable for company debts in Livingstones?
Directors can be held personally liable if they have acted wrongfully, such as trading while insolvent without reasonable prospect of recovery, misusing company funds, or failing to maintain proper records. However, by appointing a licensed liquidator early and cooperating fully, directors can often avoid personal liability and benefit from legal protections under insolvency law.
How long does the liquidation process take in Livingstones?
The duration of a liquidation in Livingstones typically ranges from six to twelve months, depending on the complexity of the company's affairs. Simple cases with straightforward asset realisation and few creditors may complete in as little as three months, while more complex cases involving investigations or legal disputes can take longer. Your liquidator will provide a realistic timeline after the initial assessment.
What happens to employees when a company goes into liquidation?
When a company enters liquidation in Livingstones, employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and other entitlements. These claims are typically paid from the National Insurance Fund if company assets are insufficient.
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