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 company liquidation?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An insolvency practitioner is appointed to sell assets and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, where directors declare solvency and the company is wound up to distribute surplus assets to shareholders in a tax-efficient manner. Both processes end with the company being struck off the Companies House register.
How long does the liquidation process take in Okehampton?
The timeline depends on the type of liquidation and complexity of the company's affairs. A CVL typically takes between 6 to 12 months to complete, including asset realisation and final creditor distribution. An MVL can often be completed in 6 to 9 months. However, if investigations are required or there are complex asset issues, the process may take longer. Our liquidators work efficiently to expedite the process while ensuring full legal compliance.
Can I keep trading after appointing a liquidator?
Once a liquidator is appointed, they take control of the company and its assets. Directors lose their powers to trade or make decisions without the liquidator's approval. However, in certain circumstances, the liquidator may allow limited trading to complete existing contracts or sell stock, but this is at their discretion and must benefit creditors. It is crucial to seek advice before appointing a liquidator if you wish to explore rescue options.
What are the costs of hiring a company liquidator in Okehampton?
Liquidation fees vary based on the complexity of the case, the size of the company, and the expected work involved. For a CVL, fees are typically paid from the company's assets, but if assets are insufficient, directors may need to fund the process. We provide a clear, fixed-fee quote before any work begins, and we ensure there are no hidden charges. Contact us for a free, no-obligation quote tailored to your situation.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted within the law and not engaged in wrongful trading or fraudulent activity. However, if you have given personal guarantees for loans or overdrafts, creditors can pursue you personally. Our liquidators will review your position and advise on any potential risks, helping you understand your legal protections and obligations.
What happens to employees during a company liquidation?
When a company enters liquidation, employees are automatically made redundant. The liquidator is responsible for ensuring employees receive their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay, which may be claimed from the National Insurance Fund (RPO). The liquidator will also provide necessary documentation for employees to claim these funds. We guide both directors and employees through this process with care.
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