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
MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...
Frequently asked questions
What is the difference between CVL and MVL for companies in North West London?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where a licensed insolvency practitioner realises assets to distribute to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically to close a business and distribute surplus assets to shareholders in a tax-efficient way. Our North West London liquidators will assess your solvency status and recommend the appropriate procedure.
How much does company liquidation cost in North West London?
Costs vary depending on the complexity of the company, the number of creditors, and the type of liquidation. For a standard CVL, fees often range from £3,000 to £6,000 plus VAT, but we provide fixed-fee quotes after an initial assessment. MVL costs are typically lower, starting around £2,500. We offer transparent pricing with no hidden charges, and we discuss all costs upfront during your free consultation.
Can I continue trading after appointing a liquidator in North West London?
No, once a liquidator is formally appointed, directors lose control of the company. The liquidator takes over the management of the business to wind down operations, sell assets, and settle creditor claims. However, before appointment, you can trade normally while exploring options. Our team advises on the best timing to cease trading to avoid wrongful trading claims.
What are the legal duties of directors during liquidation in North West London?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that occurred in the period leading up to liquidation. They must also avoid preferential payments or transferring assets to connected parties. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through these obligations to minimise risk.
How long does the liquidation process take in North West London?
A CVL typically completes within 6 to 12 months, depending on asset realisation and creditor claims. An MVL can be faster, often concluding in 3 to 6 months. The process includes filing forms with Companies House, notifying creditors, realising assets, and finalising the final account. Our team works efficiently to expedite the process while ensuring full legal compliance.
Will I be personally liable for company debts after liquidation?
In most cases, no, as limited liability protects directors from personal responsibility for company debts, provided there has been no fraud, wrongful trading, or personal guarantees. If you have signed personal guarantees for loans or leases, you may be pursued by creditors. Our North West London liquidators assess your situation and advise on potential exposure before you proceed.
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