
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 CVL and an MVL in Park Royal?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors but controlled by creditors. A Members Voluntary Liquidation (MVL) is used when a company is solvent and directors wish to close it down, often for tax efficiency on retained profits. Our Park Royal liquidators will assess your financial position to determine which procedure is legally appropriate for your situation.
How much do company liquidators charge in Park Royal?
Fees for liquidation in Park Royal vary based on the complexity of the case, the number of creditors, and the volume of assets to be realised. Fixed-fee packages are often available for straightforward CVLs. We provide a transparent, no-obligation quote before any work begins, ensuring there are no hidden costs or surprise disbursements during the liquidation process.
Can I continue trading if my Park Royal company is in liquidation?
Once a liquidation order is formally made, directors lose their powers to trade the company in the normal course. However, the liquidator may allow limited trading to complete contracts or sell stock to achieve a better return for creditors. You must seek professional advice immediately to avoid wrongful trading claims against you personally.
What happens to employees when a company is liquidated in Park Royal?
Employees are classed as preferential creditors in a liquidation. The appointed liquidator will assess claims for unpaid wages, holiday pay, and redundancy. Employees may be able to claim certain statutory payments from the National Insurance Fund. Our team will guide employees through the claims process and ensure their rights are protected throughout the closure.
How long does a company liquidation take in Park Royal?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to conclude, depending on asset realisation and creditor claims. A Members Voluntary Liquidation can often be completed more quickly, sometimes within 3 to 6 months. The timeline is heavily influenced by the accuracy of company records and the cooperation of directors during the handover process.
Are Park Royal directors personally liable for company debts?
Directors are generally not personally liable for company debts if they have acted within the law. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or misfeasance. Using company funds to repay directors' loans ahead of creditors is also scrutinised. Our liquidation experts will review your conduct to advise on your exact level of exposure.
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