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 Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by directors and shareholders, and a licensed insolvency practitioner is appointed to liquidate assets and distribute proceeds to creditors. An MVL is for solvent companies where shareholders decide to close voluntarily, often for retirement or restructuring. In an MVL, all debts are paid in full before distribution of surplus assets to shareholders.
How long does the liquidation process take in Riverside Park?
The timeline varies depending on the complexity of the company's affairs. A straightforward MVL can often be completed within 6 to 12 months, including the final dissolution. A CVL may take longer, typically 12 to 18 months, due to the need to investigate transactions, realize assets, and handle creditor claims. Our team works diligently to expedite the process while ensuring legal compliance.
Will I be personally liable for company debts if I appoint a liquidator?
In most cases, directors are not personally liable for company debts if they have acted in good faith and complied with their duties. However, if there is evidence of wrongful trading, fraudulent activity, or personal guarantees, liability may arise. Our liquidators conduct a thorough review and advise you on any potential risks during the initial consultation.
Can a company continue trading during liquidation?
Once a liquidation order is made or a CVL is approved, the liquidator takes control and trading typically ceases. However, in some cases, the liquidator may continue trading for a short period to sell stock or complete contracts to maximize asset value. This is decided on a case-by-case basis and requires court approval for compulsory liquidations.
What are the costs involved in hiring a company liquidator in Riverside Park?
Liquidation costs vary based on the size of the company, the complexity of assets, and the type of liquidation. For CVLs, fees are often paid from company assets, subject to creditor approval. For MVLs, fees are agreed upfront and can be fixed. We provide transparent fee structures and a free initial assessment to help you understand all costs before proceeding.
What happens to employees when a company is liquidated?
In a liquidation, all employee contracts are terminated by the liquidator. Employees may be entitled to redundancy pay, unpaid wages, holiday pay, and notice pay, which can be claimed from the National Insurance Fund if the company cannot pay. Our team guides you through the redundancy process and ensures all statutory obligations are met.
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