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 a company liquidator in Netley Abbey?
A company liquidator is a licensed insolvency practitioner who manages the closure of a company by selling its assets, paying creditors, and distributing any remaining funds to shareholders. In Netley Abbey, our liquidators handle both compulsory and voluntary liquidations, ensuring the process complies with UK insolvency law and that directors' duties are met.
When should I consider creditors voluntary liquidation (CVL) for my Netley Abbey company?
You should consider a CVL when your company is insolvent, meaning it cannot pay its debts as they fall due, and there is no realistic prospect of recovery. A CVL allows directors to voluntarily wind up the company, avoiding the court process and potential penalties for trading while insolvent. It is often the best option to protect director interests and achieve a clean exit.
What is the difference between a CVL and a members voluntary liquidation (MVL)?
A CVL is used for insolvent companies where debts exceed assets, and it is initiated by directors when the company cannot pay its liabilities. An MVL is for solvent companies where directors can declare solvency, and it is used to wind up a profitable business, often for tax efficiency or retirement. The key difference is solvency: CVL deals with debts, while MVL distributes surplus assets to shareholders.
Will I be personally liable for company debts after liquidation in Netley Abbey?
In most cases, directors are not personally liable for company debts if they have acted properly and not traded wrongfully. However, if there is evidence of fraudulent trading, wrongful trading, or breach of fiduciary duty, a liquidator can pursue personal claims. Our advice helps you avoid such risks by ensuring you act correctly before and during liquidation.
How long does a company liquidation take in Netley Abbey?
A creditors voluntary liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the company's affairs, the number of creditors, and the realisation of assets. Simpler cases may conclude sooner, while those with disputed claims or asset recovery can take longer. Our team keeps you informed throughout the process.
Can I start a new company after liquidation in Netley Abbey?
Yes, you can start a new company after a CVL, but there are restrictions. If you have been a director of a company that went into insolvent liquidation, you may be subject to a disqualification order or undertaking. Additionally, using a 'phoenix' company to buy assets from the liquidator requires compliance with specific rules. We provide guidance to ensure you operate legally.
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