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 does a company liquidator do in Redhill Surrey?
A company liquidator in Redhill Surrey is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their duties include selling company assets, settling debts with creditors, distributing any remaining funds to shareholders, and ensuring all legal and statutory requirements are met. They also investigate the company's financial history to ensure directors have fulfilled their duties and handle all necessary paperwork with Companies House and HMRC.
When should I consider appointing a liquidator for my Redhill company?
You should consider appointing a liquidator when your company is insolvent, meaning it cannot pay its debts as they fall due, or when the liabilities exceed the assets. Signs include mounting creditor pressure, winding-up petitions, or a decline in trading profitability. For solvent companies, liquidation may be appropriate if the business has achieved its purpose, or if shareholders wish to extract retained profits in a tax-efficient manner through an MVL.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies where directors decide to wind up because the company cannot pay its debts. It involves a meeting of creditors and typically results in no return to shareholders. A Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts in full within 12 months. It allows directors to close the company and access capital gains treatment on retained profits. Our Redhill liquidators can advise which route applies to you.
Can I continue trading after my company enters liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs. Directors lose their powers to trade, manage assets, or make financial decisions. The liquidator's role is to realise assets, settle liabilities, and wind down operations. Continuing to trade without the liquidator's authority could result in personal liability for any new debts incurred.
How much does company liquidation cost in Redhill Surrey?
The cost of company liquidation varies depending 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, while MVLs may cost between £2,000 and £4,000. We offer fixed-fee packages for Redhill businesses, ensuring no hidden costs. Contact us for a tailored quote based on your specific circumstances.
What are the consequences of liquidation for company directors?
For most directors, liquidation does not result in personal liability unless wrongful trading, fraudulent activity, or breach of duty is identified. Directors may face disqualification if found unfit, but this is rare for genuine business failures. In a CVL, directors must cooperate with the liquidator, and personal guarantees on business loans may be called in. Our Redhill liquidators provide guidance to help you navigate these issues and protect your position.
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