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 believe the company cannot pay its debts. It is initiated by a shareholder resolution and involves a meeting of creditors, who appoint a liquidator to sell assets and distribute proceeds. An MVL is for solvent companies, where shareholders pass a resolution to wind up voluntarily, and a licensed insolvency practitioner declares solvency. MVLs are often used for tax-efficient capital extraction and formal closure.
How much does company liquidation cost in Mourne?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a simple CVL, fees may range from £3,000 to £6,000 plus VAT, but this can be higher if there are multiple creditors, legal issues, or asset recovery challenges. We provide a fixed-fee quote after a free initial assessment, so you know the costs upfront with no hidden charges.
Can I keep trading if my company is insolvent?
If your company is insolvent, continuing to trade can expose directors to personal liability for wrongful trading under the Insolvency (Northern Ireland) Order 1989. You should seek professional advice immediately. In some cases, a short period of trading may be necessary to complete a rescue plan or sell the business, but you must act in the best interests of creditors. Our team can help you assess your options and avoid legal pitfalls.
What happens to employees during a company liquidation in Mourne?
In a CVL, all employees are automatically dismissed once the liquidation order is made. The liquidator will assist employees in claiming redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. For an MVL, employees may be transferred to a new entity or made redundant depending on the circumstances. We ensure all statutory employee rights are respected and claims are processed promptly.
How long does the liquidation process take in Northern Ireland?
A CVL typically takes between 6 and 12 months to complete, but complex cases may extend longer if there are disputes or asset realisation issues. An MVL can be completed in as little as 3 to 6 months, subject to the final meeting and dissolution. The timeline also depends on HM Revenue & Customs (HMRC) and other creditor responses. We provide realistic timescales at the outset and keep you updated throughout.
Can I be held personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted lawfully and in good faith. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misappropriated assets. A licensed liquidator will investigate your conduct and may report any misconduct to the Insolvency Service. Our advice helps you minimise these risks and comply with all legal duties.
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