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
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MJF ACCOUNTANCY LIMITED
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THE FINANCIAL MANAGEMENT CENTRE UK LTD
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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where directors cannot pay debts as they fall due. It is initiated by the directors and involves a meeting of shareholders to pass a resolution to wind up the company. An MVL is used for solvent companies, typically when directors wish to retire or close a business with surplus assets. In an MVL, shareholders approve the liquidation, and the liquidator distributes assets and formally dissolves the company, often with tax advantages.
How much does company liquidation cost in Sandbach?
The cost of liquidation in Sandbach varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees typically range from £3,000 to £7,000 plus VAT, but this can be higher for larger or more complex cases. We always provide a fixed-fee quote after a free initial consultation, with no hidden costs. For an MVL, fees are often based on the value of assets distributed and can be structured to suit your needs.
Can I continue trading after I appoint a liquidator?
No. Once a liquidator is formally appointed, their control over the company begins, and directors' powers cease. The liquidator takes over the management of the company's affairs, realises assets, and distributes proceeds to creditors. You cannot continue trading under the same company name unless certain legal conditions are met, such as obtaining permission from the court or following specific rules about using a different company name. Our advisors will guide you through these restrictions.
What are the legal responsibilities of directors during liquidation?
Directors have a duty to act in the best interests of creditors once insolvency is likely. This includes not taking on new credit, not disposing of company assets without proper value, and maintaining accurate financial records. During liquidation, you must cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions that may be considered wrongful trading or preference payments. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, no. If you have traded properly and have not given personal guarantees, the liquidation process releases you from liability for company debts. However, if you have given personal guarantees for loans, leases, or supplier credit, the creditor can pursue you personally. Additionally, if the liquidator finds evidence of wrongful trading, fraudulent trading, or misfeasance, they can seek a court order to make you personally contribute to the company's assets. Our experts help you avoid these pitfalls.
How long does a company liquidation take in Sandbach?
The length of a liquidation depends on the complexity of the case. A straightforward CVL can often be completed in 6 to 12 months, but this can extend if there are complex asset realisations, legal disputes, or incomplete records. An MVL can sometimes be completed in as little as 3 to 6 months, especially if there are no complications. The liquidator is required to file a final report with Companies House, and the company is formally dissolved after that. We keep you informed throughout the process.
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