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 South Humberside?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies where debts cannot be paid, and it is initiated by directors to avoid compulsory winding up. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, typically for tax efficiency, and requires a declaration of solvency. Our liquidators in South Humberside will assess your financial position and recommend the correct procedure.
How much do company liquidators charge in South Humberside?
Fees vary based on complexity, but our fixed-fee structure for a standard CVL in South Humberside starts from £3,500 plus VAT and disbursements. This covers all statutory work, including meetings, asset realisation, and final dissolution. We provide a clear written quote before you commit, with no hidden charges.
Can a director be personally liable for company debts after liquidation?
Generally, no, as liquidation protects directors from personal liability for company debts, provided there has been no fraud, wrongful trading, or personal guarantees. However, if you have given personal guarantees to lenders or suppliers, those creditors can pursue you. Our advice helps you understand your exposure before starting liquidation.
How long does a company liquidation take in South Humberside?
A Creditors Voluntary Liquidation typically completes in 6 to 12 months, but the initial winding-up order is usually granted within 2 to 4 weeks after the creditors' meeting. The liquidator then realises assets, settles claims, and dissolves the company. MVLs can be faster, often concluding in 3 to 6 months if all assets are distributed.
What happens to employees during a company liquidation?
Employees are made redundant immediately upon liquidation, and the liquidator assumes responsibility for their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay. Claims are submitted to the Redundancy Payments Service, and our team ensures all paperwork is completed correctly to expedite payments.
Can I liquidate a company with no assets or money in South Humberside?
Yes, but you may need to fund the liquidation costs personally if the company has no assets to cover fees. In some cases, directors can apply for a Creditors Voluntary Liquidation with a low-cost option, or we can advise on alternative solutions like a striking-off if debts are minimal and no creditor objections are expected.
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