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 Lochgelly?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. It is initiated by directors and involves a meeting of creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, where directors make a statutory declaration of solvency and the company is closed to distribute assets to shareholders in a tax-efficient manner. Our Lochgelly team can advise which route is suitable based on your financial position.
How much does company liquidation cost in Fife?
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 in Lochgelly, fees typically range from £3,000 to £7,000 plus VAT and disbursements, but we provide fixed-fee quotes after a free initial assessment. MVL costs are often lower if the company is simple. We ensure transparent pricing with no hidden charges, and we can discuss payment options if the company has insufficient assets.
Can I keep trading if my company is insolvent in Lochgelly?
If your company is insolvent, you can continue trading temporarily if doing so does not worsen the position of creditors and you are seeking professional advice. However, continuing to trade while knowingly insolvent could lead to wrongful trading claims against directors personally. Our licensed IPs in Lochgelly can help you assess the situation, advise on your duties, and, if necessary, assist in placing the company into a formal insolvency procedure to protect you from further liability.
What happens to employees when a company goes into liquidation?
In a Creditors Voluntary Liquidation, all employees are automatically dismissed from the date the liquidation order is made. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. Our team in Lochgelly can provide the necessary forms and guidance to help employees submit their claims, and we can also assist directors who are employees under their own company with their redundancy claims.
Are directors personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted in good faith and complied with their statutory duties. However, personal liability can arise if there has been wrongful trading, fraudulent trading, or if personal guarantees were given for business loans or leases. Our Lochgelly insolvency specialists will review your conduct and any guarantees, and we can advise on the best course of action to minimise personal risk. In some cases, negotiating with creditors or a company voluntary arrangement may be more suitable.
How long does the liquidation process take in Lochgelly?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation can be completed in as little as 3 to 6 months if all formalities are handled efficiently. The initial appointment meeting can be arranged within days of your decision. Our Lochgelly team ensures a fast, professional process, keeping you informed at every stage until the company is formally dissolved.
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