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 Creditors Voluntary Liquidation and Members Voluntary Liquidation?
Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts. It is initiated by directors and involves a meeting of creditors. Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts in full, often used for tax-efficient distribution of retained profits to shareholders.
How long does a company liquidation take in Randalstown?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the company's affairs, such as asset realisation and creditor claims. A Members Voluntary Liquidation can be completed in a shorter timeframe, often around 3 to 6 months, if the company's finances are straightforward.
What are the legal duties of directors during liquidation?
Directors must cooperate fully with the appointed liquidator, provide all company records and financial information, and refrain from any actions that could be deemed wrongful trading or fraudulent activity. Directors also have a duty to consider the interests of creditors from the point of insolvency, not just shareholders.
Can I keep trading if my company is insolvent?
Trading while insolvent can lead to personal liability for directors if they continue to incur debts without a reasonable prospect of recovery. It is crucial to seek professional advice immediately. A licensed insolvency practitioner can help you decide whether to continue trading temporarily or cease operations to protect all parties.
What happens to employees when a company goes into liquidation?
In a Creditors Voluntary Liquidation, the liquidator terminates employee contracts. Employees may be entitled to redundancy pay, unpaid wages, holiday pay, and pension contributions. These claims can be made to the National Insurance Fund (via the Redundancy Payments Service) for certain statutory entitlements.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, engaged in wrongful trading, or acted fraudulently. Our experts will review your situation to ensure you are protected where possible.
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