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 Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where the directors cannot pay debts, and it is initiated by the shareholders but managed for the benefit of creditors. An MVL is for solvent companies where shareholders decide to close the business voluntarily, typically for tax efficiency or retirement. In an MVL, a licensed insolvency practitioner declares solvency and distributes assets to shareholders after settling all liabilities.
How much does company liquidation cost in London Richmond?
The cost varies depending on the complexity of the company's affairs, asset values, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed-fee packages. MVL costs are often lower, starting around £2,500. We provide a free quote after an initial assessment, and you can pay through company assets if available.
Can I continue trading after appointing a liquidator?
No. Once a liquidator is appointed, they take control of the company, and directors cease their powers. Trading must stop immediately unless the liquidator decides to continue for a short period to complete contracts or sell stock. Any trading after the liquidation date without the liquidator's consent can lead to personal liability for the directors.
What happens to employees when a company goes into liquidation in Richmond?
Employees are automatically made redundant on the liquidation date. The liquidator will assist them in claiming redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. Employees should also claim for any outstanding pension contributions. The liquidator provides the necessary forms and guidance to ensure they receive all statutory entitlements.
How long does the liquidation process take in London Richmond?
A CVL typically takes between 6 to 12 months to complete, depending on asset realization and creditor claims. An MVL can be faster, often concluding within 3 to 6 months if the company has no complex assets. The final dissolution occurs after the liquidator files the final account with Companies House, and the company is struck off the register.
What are the legal duties of directors during insolvency?
Directors must act in the best interests of creditors once insolvency is imminent, avoid wrongful trading, and not prefer any creditor over others. They must provide full financial information to the liquidator and cooperate with investigations. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Seeking professional advice early is essential to mitigate risks.
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