
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 are the main types of company liquidation available in South Lanarkshire?
The main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies wishing to close, and Compulsory Liquidation which is ordered by a court following a winding-up petition. Each process has different requirements and outcomes, so our licensed liquidators will assess your financial position and recommend the most appropriate route.
How much does a company liquidation cost in South Lanarkshire?
Costs vary depending on the complexity of your company's affairs, asset values, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements, but we provide fixed-fee quotes after a free initial consultation. Our fees are often paid from company assets, and we ensure transparency with no hidden charges.
Can I continue trading while my company is in liquidation?
No, once a liquidation order is made or a CVL is approved, the liquidator takes control of the company and trading must cease immediately, except for actions necessary to preserve asset value. However, before liquidation, directors can continue trading if they act in the best interests of creditors and avoid wrongful trading. We advise seeking professional guidance as soon as insolvency is foreseeable.
What happens to employees when a company goes into liquidation in South Lanarkshire?
Employees are automatically made redundant when a company enters compulsory liquidation or when a CVL is approved. The liquidator will assist with redundancy pay claims to the Redundancy Payments Service, including statutory redundancy pay, unpaid wages, holiday pay, and notice pay. We guide you through employee communications and legal obligations to ensure a smooth process.
Will I be personally liable for company debts after liquidation?
In most cases, no, as limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, engaged in wrongful trading, fraudulent activity, or misused company funds. Our liquidators will investigate your conduct and advise on any potential risks during your free consultation.
How long does the liquidation process take in South Lanarkshire?
A typical Creditors Voluntary Liquidation takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. Compulsory liquidation can take longer due to court processes. Members Voluntary Liquidation for solvent companies is often quicker, usually 3 to 6 months. We provide a timeline after reviewing your specific circumstances.
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