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 a Creditors' Voluntary Liquidation (CVL) in Roxburghshire?
A Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that is insolvent—meaning it cannot pay its debts as they fall due. The directors call a meeting of shareholders to pass a resolution to wind up the company, and then a meeting of creditors is held to confirm the appointment of a licensed insolvency practitioner as liquidator. The liquidator sells the company's assets, distributes the proceeds to creditors in the statutory order, and investigates the directors' conduct. The company is then dissolved, and the directors are usually released from their duties, provided they have acted properly.
How much does company liquidation cost in Roxburghshire?
The cost of a Creditors' Voluntary Liquidation in Roxburghshire typically ranges from £3,000 to £6,000 plus VAT, depending on the complexity of the case, the number of creditors, and the size of the company's asset base. Some liquidators charge a fixed fee, while others work on a time and disbursements basis. In many cases, the liquidator's fees can be paid from the company's assets, but if there are insufficient assets, the directors may need to fund the process personally. We offer free initial consultations and provide a transparent, fixed-fee quote before you commit to any action.
What are the duties of a liquidator in Roxburghshire?
A liquidator's primary duty is to act in the best interests of the company's creditors. Their responsibilities include: taking control of and realising the company's assets, investigating the company's affairs and the directors' conduct, preparing a report for creditors on the causes of insolvency, distributing funds to creditors in the statutory order (secured, preferential, unsecured, and shareholders), and ensuring that all legal and statutory requirements are met. The liquidator must also deal with employee claims, including redundancy pay and unpaid wages, and can pursue directors for wrongful trading or misfeasance if evidence of misconduct is found.
Can directors be held personally liable for company debts in Roxburghshire?
In most cases, directors are not personally liable for company debts because a limited company is a separate legal entity. However, personal liability can arise if directors have given personal guarantees for loans or credit, or if they have acted wrongfully—for example, trading while insolvent without taking steps to protect creditors (wrongful trading), or breaching their fiduciary duties. A liquidator can apply to the court for a contribution order against directors in such circumstances. Our team will advise you on your specific exposure and help you avoid personal liability by acting early and properly.
What alternatives to liquidation are available for companies in Roxburghshire?
Before opting for liquidation, it is worth exploring alternatives that may allow the company to continue trading. These include: a Company Voluntary Arrangement (CVA), which is a formal agreement with creditors to repay debts over a fixed period; administration, which provides a moratorium from creditor action while a restructuring or sale of the business is attempted; or informal arrangements such as negotiating payment plans with creditors. If the company is fundamentally viable but has cash flow issues, a CVA or administration may be more appropriate. We will assess your financial position and recommend the most cost-effective solution.
How long does the liquidation process take in Roxburghshire?
The length of a liquidation depends on the complexity of the case. A straightforward Creditors' Voluntary Liquidation can be completed in as little as 6 to 12 months, but cases with complex asset realisation, legal disputes, or investigations into director conduct can take several years. The liquidator must file a final report with Companies House and hold a final meeting of creditors before the company is dissolved. We aim to conclude most liquidations within 12 months, but we will keep you informed of progress throughout the process.
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