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
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FLEXIE ACCOUNTANTS LTD
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Zak Partnership
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Msi Accountancy Services
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HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
T.Y.E BOOKKEEPING LTD
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SAFEBOOKS4U BOOKKEEPING SERVICES
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Additions Accountancy
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Pharmatax
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Matrix Accountancy Services Limited
Will Farmer FMAAT, AAT Licensed Accountant and Director of Matrix Accountancy Services Limited Hi I'm Will, In 2012 I...
Matrix Accountancy Services
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Raven Solution
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Naseems Accountants
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AMSTOR ACCOUNTANTS LIMITED
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Capital Accountancy - Accountants & Tax Advisors
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Figures (UK) Accountancy Services
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LeeP Accountants Registered in England & Wales
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MRC Accounting Services
Providing accounting services and solutions
Frequently asked questions
What is the difference between a solvent and insolvent liquidation in Loughborough?
A solvent liquidation, known as a Members' Voluntary Liquidation (MVL), is used when a company can pay all its debts in full within 12 months. It is often for tax efficiency when closing a profitable business. An insolvent liquidation, usually a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In a CVL, an insolvency practitioner takes control to sell assets and distribute funds to creditors, and the company is then dissolved.
How much do company liquidators in Loughborough charge for a CVL?
Fees for a Creditors' Voluntary Liquidation (CVL) in Loughborough vary depending on the complexity of the company's affairs, but most fixed-fee packages start from around £3,000 plus VAT and disbursements. Our firm offers a transparent fixed-fee quote after a free initial consultation, so you know exactly what the cost will be before any work begins. No hidden charges apply.
Can I keep trading if my company is insolvent in Loughborough?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading. Directors have a legal duty to act in the best interests of creditors. Once you are aware of insolvency, you should seek professional advice immediately. A licensed liquidator can help you decide whether to cease trading or continue briefly to maximize asset value, while protecting you from potential legal consequences.
How long does the liquidation process take in Loughborough?
The length of a liquidation depends on the type and complexity. A Creditors' Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, including the final dissolution of the company. A Members' Voluntary Liquidation (MVL) for solvent companies can often be completed in a similar timeframe. However, if asset sales or legal issues arise, it may take longer. We provide a clear timeline at the outset.
What are the responsibilities of directors during a company liquidation?
Directors must cooperate fully with the appointed liquidator. This includes providing all company records, financial statements, and access to assets. They must also answer questions about the company's affairs and can be held liable for any wrongful trading or fraudulent activity. A good liquidator will guide you through every step, ensuring you meet your legal obligations and minimize personal risk.
Can I liquidate a company that has no assets or money in Loughborough?
Yes, it is possible to liquidate an insolvent company with no assets, but funding the liquidation process can be a challenge. In some cases, directors or shareholders may need to contribute funds to cover the liquidator's fees. Alternatively, a Creditors' Voluntary Liquidation may be funded from the company's remaining assets or via an indemnity from directors. We can advise on the most cost-effective route for your situation.
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