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 a creditors voluntary liquidation and a members voluntary liquidation?
A creditors voluntary liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and involves a meeting of creditors. A members voluntary liquidation (MVL) is used when a company is solvent but the directors wish to close it down, often for tax efficiency or retirement. In an MVL, a statutory declaration of solvency is made, and creditors are paid in full.
How much does company liquidation cost in Oxford Road?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a simple creditors voluntary liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can increase for larger or more complex insolvencies. We provide a fixed-fee quote after an initial assessment, so you know the costs upfront with no hidden charges.
Can I continue to trade while the company is being liquidated?
Once a liquidation process begins, directors' powers cease, and the appointed liquidator takes control of the company's affairs. You cannot continue trading in the normal sense. However, the liquidator may allow limited trading to complete contracts or sell stock if it benefits creditors. It is crucial to seek advice before trading while insolvent to avoid personal liability for wrongful trading.
What happens to employees when a company goes into liquidation?
Employees are automatically made redundant when a company enters liquidation. The liquidator is responsible for ensuring employees receive their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay. These claims are often paid from the National Insurance Fund, but the liquidator must submit the necessary claims on behalf of employees. We guide employees through this process and explain their rights.
Can directors be held personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if the company is liquidated properly. However, personal liability can arise if directors have acted fraudulently, traded wrongfully, or given personal guarantees. The liquidator may also pursue directors for misfeasance if they have misused company assets. Seeking early professional advice can help mitigate these risks and ensure you act within the law.
How long does the liquidation process take in Oxford Road?
The duration depends on the complexity of the case. A straightforward creditors voluntary liquidation can be completed in approximately 6 to 12 months, but this includes the time required for the liquidator to realise assets, investigate affairs, and distribute funds to creditors. Members voluntary liquidations may be faster if all assets are easily sold. We provide a realistic timeline during your initial consultation.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.