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Mind Your Assets Accounts
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MGM & CO. Chartered Certified Accountants
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Holdsworth Accountancy
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Clarity Accountants
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Norbury Bookkeeping Services
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HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
ACCOUNTS 2U LIMITED
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BROOKSON LIMITED
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Additions Accountancy
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Frequently asked questions
What is the difference between a CVL and an MVL in Pagnell?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. An MVL (Members Voluntary Liquidation) is for solvent companies where directors wish to close the business and distribute surplus assets. In a CVL, creditors control the process, while in an MVL, shareholders appoint the liquidator.
How much does company liquidation cost in Pagnell?
The cost varies based on the complexity of the case, the size of the company, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements. We provide a fixed-fee quote after a free initial consultation, with no hidden charges.
Can I keep trading while my company is being liquidated?
Once a liquidation order is made, directors lose control of the company and cannot continue trading. However, before the formal appointment, you may trade under the guidance of an insolvency practitioner to preserve value, but you must not incur further credit. We advise you to stop trading immediately if insolvency is unavoidable.
What happens to company assets during liquidation in Pagnell?
The appointed liquidator takes control of all company assets, including cash, property, equipment, and intellectual property. They will value and sell these assets to generate funds for distribution to creditors. You cannot sell or transfer assets without the liquidator's permission, as this may be considered a fraudulent preference.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided there has been no wrongful trading, fraudulent activity, or personal guarantees. However, if you have signed personal guarantees for loans or leases, creditors can pursue you for those amounts separately.
How long does the liquidation process take in Pagnell?
A typical CVL takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be completed in as little as 3 months if the company is straightforward. Your liquidator will provide a timeline after the initial assessment.
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