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MGM & CO. Chartered Certified Accountants
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HHR ACCOUNTANCY LTD
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Additions Accountancy
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Frequently asked questions
What is the difference between a CVL and an MVL in Piccadilly?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, while a Members Voluntary Liquidation (MVL) is for solvent companies that can pay all liabilities in full within 12 months. In a CVL, a liquidator is appointed by shareholders and confirmed by creditors to sell assets and distribute proceeds. In an MVL, the directors make a statutory declaration of solvency, and the liquidator winds down the company, often for tax efficiency or retirement. Our Piccadilly liquidators will assess your financial position to recommend the correct procedure.
How much does company liquidation cost in Piccadilly?
The cost of liquidation varies based on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees typically range from £3,000 to £7,000 plus VAT, with additional costs for asset realisation or legal issues. MVL costs are often lower, starting around £1,500 to £2,500. We provide a fixed-fee quote after a free initial consultation, ensuring no hidden charges. Our Piccadilly liquidators are transparent about costs and will explain all disbursements upfront.
Can I continue trading after appointing a liquidator in Piccadilly?
No, once a liquidator is appointed, they take control of the company and its assets. The directors' powers cease, and they cannot continue trading or making decisions without the liquidator's approval. However, the liquidator may allow limited trading to complete existing contracts or sell stock for a higher value, but this is at their discretion. If you wish to continue trading, you should explore alternatives like administration or a company voluntary arrangement (CVA) before liquidation.
What are the legal duties of directors during liquidation in Piccadilly?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and access to premises. They must not dispose of assets, hide debts, or prefer certain creditors over others. Directors are also required to complete a statement of affairs detailing the company's assets and liabilities. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators guide directors through their duties to ensure compliance and minimise risk.
How long does a company liquidation take in Piccadilly?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months, if the company has straightforward assets. Compulsory liquidation may take longer due to court processes. Our Piccadilly liquidators work efficiently to conclude the process as quickly as possible, but statutory requirements such as creditor notification periods and final accounts preparation must be observed.
Can I liquidate a company with no assets in Piccadilly?
Yes, it is possible to liquidate a company with no assets, but the costs of liquidation must be covered. In a CVL, if there are no assets, the directors or shareholders may need to fund the liquidation, or we may recommend a 'no asset liquidation' procedure where the company is struck off the register instead. However, if the company has debts and no assets, a CVL is still advisable to avoid wrongful trading claims. Our Piccadilly liquidators can advise on the most cost-effective route.
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