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 are the first signs that my Orkney company may need liquidation?
Key indicators include persistent cash flow problems, inability to pay suppliers or HMRC on time, mounting creditor pressure, legal threats or winding-up petitions, and a balance sheet showing liabilities exceeding assets. If you are considering liquidation, early advice is critical to avoid wrongful trading claims and to protect your personal guarantees.
How do I choose a company liquidator in Orkney?
Look for a licensed insolvency practitioner (IP) who is authorised by a recognised professional body, such as the ICAEW or ICAS. Ensure they have experience with small and medium-sized enterprises, offer a fixed-fee structure, and provide a local presence or remote service that understands Orkney's business environment. Check reviews and ask for a transparent breakdown of costs.
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts; it is initiated by directors to avoid compulsory court liquidation. An MVL is for solvent companies where shareholders decide to wind up voluntarily, often for tax efficiency when extracting retained profits. Our Orkney liquidators can advise which route applies to you.
Will I be personally liable for company debts if I liquidate my Orkney business?
Generally, no, as a director of a limited company you are protected by limited liability. However, you may be personally liable if you have signed personal guarantees, acted fraudulently, or continued trading while insolvent. A professional liquidator will review your conduct and advise on any potential risks before you proceed.
How long does a company liquidation take in Orkney?
The timeline varies, but a typical Creditors Voluntary Liquidation can be completed within 6 to 12 months, depending on the complexity of asset realisation and creditor claims. An MVL is often faster, sometimes concluding in 3 to 6 months. Your liquidator will provide a realistic schedule after an initial assessment.
Can I keep trading while my Orkney company is being liquidated?
Once a liquidator is appointed, they take control of the company, and you lose your powers as director. However, before that, you may continue trading if it helps preserve value, but you must not take on new credit or dispose of assets without professional advice. Our team can guide you through the pre-liquidation period safely.
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