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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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Woody's Payroll & Bookkeeping Services
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R Albert Accountancy Ltd
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AMSTOR ACCOUNTANTS LIMITED
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Raven Solution
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Naseems Accountants
Established in 1978, Naseems Accountants is a small but growing business with our clients doubled over the last decade. We honor ourselves in ou...See More
Capital Accountancy - Accountants & Tax Advisors
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Frequently asked questions
What is the role of a company liquidator in Llanelli?
A company liquidator in Llanelli is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their duties include realising assets, settling debts with creditors, investigating the company's financial history, and ensuring legal compliance under the Insolvency Act. They also handle employee claims, statutory filings, and the final dissolution of the company.
How much does company liquidation cost in Llanelli?
The cost of liquidation in Llanelli varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees range from £3,000 to £7,000 plus VAT for a Creditors' Voluntary Liquidation. We provide a fixed-fee quote after an initial free assessment, so you know exactly what to expect with no hidden costs.
Can I keep trading while my company is being liquidated?
Once a formal liquidation process begins, directors lose control of the company, and trading must cease immediately. However, before liquidation, you may continue trading if it does not worsen creditor losses. Our liquidators advise on the correct point to stop trading to avoid wrongful trading claims, and we can help you plan a smooth transition.
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 an MVL, directors must declare solvency, and assets are distributed to shareholders after all debts are paid. Both require a licensed insolvency practitioner to act as liquidator.
Will I be personally liable for company debts after liquidation?
Generally, no. Once a company is liquidated, directors are not personally liable for business debts unless they have provided personal guarantees, acted fraudulently, or engaged in wrongful trading. Our liquidators help you understand your legal position and can guide you through any personal guarantee issues with creditors.
How long does the liquidation process take in Llanelli?
The typical timeline for a Creditors' Voluntary Liquidation is around 6 to 12 months, depending on how quickly assets are sold and claims are resolved. Members' Voluntary Liquidation can be faster, often completed in 3 to 6 months. Our team works efficiently to conclude the process as soon as possible while ensuring all legal requirements are met.
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