
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 role of a company liquidator in Millfield Sunderland?
A company liquidator is a licensed insolvency practitioner who manages the closure of a company. Their role involves realising assets, settling creditor claims, investigating the company's affairs, and ensuring legal compliance. In Millfield Sunderland, we guide directors through the entire process, from the initial decision to the final dissolution, while protecting the interests of all parties involved.
How much does company liquidation cost in Millfield Sunderland?
The cost of liquidation varies depending on the complexity of the company's finances and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees are often based on the value of assets realised and the work involved. We provide a transparent, fixed-fee quote after a free initial consultation, ensuring no hidden costs. For solvent companies, MVL costs are typically lower and can be agreed upfront.
What is the difference between CVL and MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where creditors are involved in the process. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close the business, often for retirement or restructuring. Our liquidators in Millfield Sunderland can advise which route is appropriate for your specific circumstances.
Can directors be held personally liable for company debts in liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law. However, if wrongful trading, fraudulent activity, or breach of fiduciary duty is found, personal liability can arise. Our role is to investigate and report, but we also help directors avoid such pitfalls by providing proactive advice on their responsibilities throughout the liquidation process.
What happens to employees when a company goes into liquidation in Millfield?
When a company enters liquidation, employees are automatically made redundant. The liquidator will assess claims for unpaid wages, holiday pay, and redundancy, which may be claimed from the National Insurance Fund (via the Redundancy Payments Service). We guide employees and directors through this process, ensuring all statutory entitlements are properly claimed and communicated.
How long does the liquidation process take in Millfield Sunderland?
The duration depends on the complexity of the company's affairs. A straightforward CVL can often be completed in 6 to 12 months, including the final dissolution. An MVL may be quicker, sometimes within 3 to 6 months. Factors such as asset realisation, creditor disputes, and legal issues can extend the timeline. We provide a realistic schedule during your initial consultation.
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