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Accounting 4 Ltd
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MGM & CO. Chartered Certified Accountants
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Holdsworth Accountancy
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Clarity Accountants
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Norbury Bookkeeping Services
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Cheaper Accountant
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Sambhav Management Limited
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HHR ACCOUNTANCY LTD
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Harris Rosenberg Chartered Accountants
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Pepperhill Associates
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T.Y.E BOOKKEEPING LTD
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ACCOUNTS 2U LIMITED
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Additions Accountancy
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Frequently asked questions
What is the difference between a CVL and an MVL in Rotherham?
A Creditors Voluntary Liquidation (CVL) is used for an insolvent company, where it cannot pay its debts as they fall due. An MVL (Members Voluntary Liquidation) is for a solvent company, typically when directors wish to retire or wind down a business that has sufficient assets to pay all liabilities in full, often to access capital gains tax relief.
How much does it cost to appoint a liquidator in Rotherham?
The cost varies depending on the complexity of the liquidation, the size of the company, and its assets. For a CVL, fees are often based on a fixed fee or a percentage of realisations, but must be approved by creditors. For an MVL, fees are usually agreed on a fixed basis. We provide transparent, upfront pricing after an initial assessment.
Can I continue trading if my company is insolvent in Rotherham?
Trading while insolvent can lead to personal liability for directors if it results in wrongful trading. However, trading may be allowed if it is to complete existing contracts or to maximise asset value before liquidation. You should seek immediate professional advice to assess your legal position and avoid potential penalties.
What happens to employees when a company enters liquidation?
In a CVL, employees are automatically made redundant on the date the liquidation order is made. The liquidator will assist with claims for statutory redundancy pay, notice pay, and unpaid wages, which may be recoverable from the National Insurance Fund. For an MVL, employees are usually transferred or made redundant with proper notice and payments.
How long does the liquidation process take in Rotherham?
A CVL typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be completed more quickly, often within 3 to 6 months, as there are usually fewer complications. The liquidator will provide a timeline based on your specific case.
What are my duties as a director during liquidation?
You must cooperate fully with the liquidator, provide all company records, including financial statements and bank statements, and disclose all assets and liabilities. You must also attend a meeting of creditors if required. Failure to cooperate can result in personal liability, disqualification, or even criminal prosecution.
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