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 Northwood?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay debts, where a licensed liquidator sells assets and distributes funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically to close a business and extract retained profits as capital gains, which is more tax-efficient than dividends. Our Northwood liquidators will assess your solvency status and recommend the correct procedure.
How much does company liquidation cost in Northwood, Middlesex?
Costs vary based on complexity, asset value, and creditor numbers. For a standard CVL, our fixed fees typically range from £2,500 to £5,000 plus VAT, with disbursements. MVL fees are often lower, starting around £1,500. We provide a written quote after a free initial consultation, ensuring no hidden charges. Liquidator fees are paid from company assets, not from directors' personal funds.
Can directors be personally liable for company debts in Northwood?
Directors are generally not personally liable for company debts unless they have given personal guarantees, acted fraudulently, or traded while insolvent (wrongful trading). Our liquidators help you avoid personal liability by advising on proper conduct and ensuring statutory duties are met. If you suspect prior issues, we can guide you through director conduct investigations and defence.
How long does a company liquidation take in Northwood?
A CVL typically completes within 6 to 12 months, but complex cases may extend. The liquidator must realise assets, investigate affairs, and distribute funds. MVL is often faster, concluding in 3 to 6 months. We provide a timeline at the outset and keep you updated. Once the liquidation is finalised, the company is struck off Companies House and dissolved.
What happens to employees during a company liquidation in Northwood?
Employees are made redundant immediately upon a CVL appointment. The liquidator becomes responsible for their claims, including unpaid wages, holiday pay, and redundancy pay, which are paid from the National Insurance Fund via the Redundancy Payments Service. Our team assists with employee communication and ensures all statutory claims are submitted correctly.
Can I close a solvent company with cash reserves in Northwood?
Yes, if your company is solvent and has distributable reserves, an MVL allows you to close it and treat distributions as capital gains, potentially qualifying for Business Asset Disposal Relief (BADR) at a 10% tax rate. Our Northwood liquidators work with your accountant to ensure compliance. We handle the statutory declarations and asset distribution efficiently.
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