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
J. Jervis Accounting Services LTD
THE FINANCIAL MANAGEMENT CENTRE UK LTD
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Frequently asked questions
What is a Creditor Voluntary Liquidation (CVL) in Oswestry?
A Creditor Voluntary Liquidation (CVL) is a formal insolvency procedure for an insolvent company where the directors choose to place the company into liquidation voluntarily. In Oswestry, our licensed liquidators manage the entire process, including convening a meeting of shareholders and creditors, realising company assets, and distributing funds to creditors in the statutory order. This process protects the company from legal action by creditors and allows for a structured wind-down, with the company being dissolved at the end.
How much do company liquidators charge in Oswestry?
Our fees for a Creditor Voluntary Liquidation in Oswestry are typically fixed and range from £3,000 to £6,000 plus VAT and disbursements, depending on the complexity and size of the company. The fee is paid from company assets, not upfront by directors personally, unless assets are insufficient. We always provide a clear, written quote before any work begins, and we do not charge for the initial consultation. For a Members Voluntary Liquidation, fees are often lower and quoted separately.
What is the difference between a CVL and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent (unable to pay its debts), whereas an MVL is used for a solvent company that needs to be closed, often for tax planning or retirement purposes. In a CVL, creditors are involved and may receive a dividend, while in an MVL, shareholders receive the remaining assets after all debts are paid. Our Oswestry liquidators can assess your company's financial position and recommend the correct procedure, ensuring you avoid wrongful trading claims and maximise value.
Can directors be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted responsibly and not engaged in wrongful or fraudulent trading. However, if you have continued trading while insolvent, taken excessive director's loans, or misused company funds, a liquidator may pursue you for recovery. Our role in Oswestry is to investigate director conduct and, where no misconduct exists, we provide a certificate of due diligence to protect you. We also advise on potential risks before liquidation to help you avoid personal liability.
How long does the liquidation process take in Oswestry?
The CVL process typically takes between 6 to 12 months to complete, depending on the complexity of the asset realisation and creditor claims. The initial appointment can be arranged within 7 to 14 days of the first meeting. After the liquidation is finalised, the company is formally dissolved, which usually occurs 3 months after the final meeting. For an MVL, the process can be quicker, often completed within 6 to 9 months. We provide regular updates throughout.
What happens to employees when a company goes into liquidation?
When a company enters liquidation in Oswestry, all employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and unpaid wages, which are preferential claims and can be claimed from the National Insurance Fund if company assets are insufficient. Our team will guide employees through the claims process and provide necessary documentation to the Redundancy Payments Service.
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