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 role of a company liquidator in South London?
A company liquidator in South London is a licensed insolvency practitioner who manages the formal closure of a company. Their primary duties include realising company assets, settling creditor claims, investigating the company's financial affairs, and distributing any remaining funds to shareholders. They also ensure all legal and statutory requirements are met, providing a clean end to the company's existence.
How much does a company liquidation cost in South London?
The cost of a company liquidation varies based on the complexity of the case, the number of assets, and the level of creditor involvement. Typically, fees range from £3,000 to £6,000 plus VAT for a straightforward CVL. Our firm offers fixed-fee structures with no hidden charges, and we provide a written quote after an initial free consultation.
What is the difference between a solvent and insolvent liquidation?
A solvent liquidation, often called a Members' Voluntary Liquidation (MVL), is used when a company can pay its debts in full, usually to extract retained profits tax-efficiently. An insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), occurs when the company cannot pay its liabilities. The process differs in terms of who initiates it, the documentation required, and the involvement of creditors.
How long does the liquidation process take in South London?
The length of a liquidation depends on the case's specifics. A straightforward CVL can be completed in 6 to 9 months, including the statutory period for creditor claims. More complex cases with numerous assets or legal disputes may take longer. Our team works efficiently to expedite the process while ensuring full compliance with the Insolvency Act 1986.
Can a company continue trading after appointing a liquidator?
Once a liquidator is formally appointed, the directors' powers cease, and the liquidator takes control of the company's affairs. The company cannot continue trading in its normal capacity. However, the liquidator may allow limited trading to complete existing contracts or sell stock to maximise asset value for creditors. This is done under strict legal supervision.
What are the legal obligations of directors during liquidation?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and access to assets. They must not dispose of any company property without consent. Directors are also required to complete a Statement of Affairs detailing the company's assets and liabilities. Failure to cooperate can lead to personal liability for debts or disqualification as a director.
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