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 CVL and MVL for companies in Renfrewshire?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets, initiated by directors to avoid compulsory court winding-up. A Members Voluntary Liquidation (MVL) is for solvent companies wishing to close, often for tax efficiency, requiring a declaration of solvency from directors. Our Renfrewshire liquidators assess your financial position to recommend the correct procedure.
How much does a company liquidation cost in Renfrewshire?
Costs vary based on company complexity, asset realisation, and creditor numbers. Typically, a straightforward CVL ranges from £3,000 to £6,000 plus VAT, while an MVL may cost between £2,500 and £5,000. We provide fixed-fee quotes after a free initial review, ensuring no hidden charges and full transparency on all disbursements.
Can I continue trading while my company is being liquidated in Renfrewshire?
Once a formal liquidation process begins, directors lose control and trading must cease immediately, except for actions to preserve asset value or complete essential contracts with the liquidator's permission. However, before liquidation, we can advise on pre-liquidation trading options, including informal arrangements or administration, to maximise returns for creditors.
What are the legal duties of directors during liquidation in Renfrewshire?
Directors must cooperate fully with the liquidator, provide all company books, records, and financial information, and disclose any transactions at an undervalue or preferential payments made within two years prior to liquidation. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution for wrongful trading.
Will I be personally liable for company debts after liquidation in Renfrewshire?
Generally, no, as limited liability protects personal assets. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused the company's assets. Our liquidators review your conduct and guarantee positions early to mitigate risks and advise on negotiation strategies with lenders.
How long does the liquidation process take in Renfrewshire?
A Creditors Voluntary Liquidation typically completes within 6 to 12 months, depending on asset sales and creditor claims. Members Voluntary Liquidation can be faster, often 3 to 6 months. Compulsory liquidation timelines vary with court schedules. We provide a detailed timeline during your consultation and work diligently to expedite closures.
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