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Raven Solution
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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MARLIS BOOKKEEPING & ACCOUNTANCY
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Oakes Accounting
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Frequently asked questions
What is the difference between a CVL and an MVL in Marlow?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. An MVL (Members Voluntary Liquidation) is for solvent companies where shareholders wish to close the business and distribute surplus assets. Our Marlow liquidators will assess your company's financial position and recommend the correct procedure.
How much does it cost to appoint a liquidator in Marlow?
The cost varies based on the complexity of the liquidation, the number of creditors, and the size of the company's assets. For an insolvent CVL, fees are often agreed with creditors and may be based on a fixed fee or a percentage of realisations. For an MVL, fees are typically quoted upfront. We provide transparent, fixed-fee quotes after an initial free consultation.
Can I continue trading after a liquidator is appointed?
No. Once a liquidator is appointed, they take control of the company. Directors lose their powers, and trading must cease immediately. However, the liquidator may continue trading for a short period to complete contracts or sell stock, but this is under their control. We advise all directors to stop trading as soon as they decide to liquidate.
What happens to my employees if the company goes into liquidation?
Employees are automatically dismissed when a liquidation order is made. The liquidator is responsible for ensuring they receive their statutory redundancy payments and unpaid wages, which may be claimed from the National Insurance Fund. Our Marlow team will guide employees through the claims process and provide necessary documentation.
How long does a company liquidation take in Marlow?
An MVL typically takes between 6 to 12 months, depending on asset realisation and tax clearance from HMRC. A CVL can be completed in as little as 6 months if the company has no complex issues. However, investigations or legal disputes may extend the timeline. We provide a realistic schedule at the outset.
What are the legal duties of a director during liquidation?
Directors must cooperate fully with the liquidator, providing all company records, accounts, and information. They must not dispose of assets or make payments to creditors after the liquidation starts. Failure to comply can result in personal liability for company debts, disqualification, or even criminal prosecution. We help directors understand and fulfill their duties.
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