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 Morley Leeds?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members' Voluntary Liquidation) is for solvent companies that can pay all liabilities in full, typically for tax-efficient capital extraction. Our liquidators in Morley Leeds will advise which is appropriate based on your balance sheet.
How much does company liquidation cost in Morley Leeds?
Costs vary depending on the complexity of the company, number of creditors, and asset realisations. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, paid from company assets. For MVL, fees are often between £1,500 and £3,000. We provide a fixed quote after a free review.
Can I continue trading after appointing a liquidator in Morley?
No. Once a liquidator is formally appointed, they take control of the company. Directors' powers cease immediately. However, the liquidator may allow limited trading to complete contracts or sell stock for the benefit of creditors. You should not trade after a winding-up petition is presented without professional advice.
What happens to employees if my company goes into liquidation in Morley?
Employees are automatically made redundant upon liquidation. The liquidator will assist them in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. As a director, you must provide employee details and contracts to the liquidator.
Will I be personally liable for company debts after liquidation?
Usually no, if you have not given personal guarantees, traded wrongfully, or acted fraudulently. However, if you have taken director's loans or misused company funds, the liquidator may pursue recovery. We advise on personal guarantee exposure and potential director disqualification risks.
How long does the liquidation process take in Morley Leeds?
A CVL typically takes 6 to 12 months to close, depending on asset sales and creditor claims. An MVL can be completed in as little as 3 to 4 months. The liquidator must file final accounts with Companies House and HMRC, which cannot be rushed.
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