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 Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is used when a company is solvent and directors wish to close it down, often for tax efficiency. In an MVL, a declaration of solvency is made, and creditors are paid in full before the company is dissolved.
How long does the liquidation process take in Newtownabbey?
The timeline varies depending on the complexity of the company's affairs. A straightforward Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, including the realisation of assets and distribution to creditors. A solvent MVL can often be completed in a shorter period, sometimes within 3 to 6 months, if all documentation is in order and no disputes arise.
Will I be personally liable for company debts as a director?
In most cases, directors are not personally liable for company debts if the company has traded properly and no wrongful trading or fraudulent activity has occurred. However, if you have given personal guarantees for loans or credit, you may be pursued for those specific debts. Taking early professional advice can help you understand your exposure and take steps to mitigate risks.
Can I still trade while the company is in liquidation?
Once a company enters liquidation, the appointed liquidator takes control of the company's affairs. Directors lose their powers to trade or make decisions. However, before liquidation is formally approved, directors may continue to trade if it is in the best interests of creditors, but this must be done with extreme caution and under professional advice to avoid wrongful trading claims.
What are the costs involved in appointing a liquidator in Newtownabbey?
Liquidation costs vary based on the size and complexity of the company. Typically, fees are paid from the company's assets, but if assets are insufficient, creditors or directors may need to fund the process. Our firm offers transparent, fixed-fee structures for many cases, and we provide a free initial consultation to discuss costs and funding options before you commit.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (NIF) as preferential creditors. The liquidator will provide guidance to employees on how to make these claims and what documentation is required.
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