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
J. Jervis Accounting Services LTD
THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
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Frequently asked questions
What is a Company Liquidator and why would I need one in Southsea?
A Company Liquidator is a licensed insolvency practitioner who formally closes down a limited company by selling its assets, paying creditors, and dissolving the company. In Southsea, you would need one if your company is insolvent (cannot pay its debts) or if you wish to close a solvent company and extract retained profits tax-efficiently. Liquidators ensure the process follows the Insolvency Act 1986, protects directors from wrongful trading claims, and handles all legal filings with Companies House and HMRC.
How much does a company liquidation cost in Southsea?
The cost of liquidation in Southsea varies depending on the complexity of your company's affairs, the number of creditors, and whether it is a Creditors' Voluntary Liquidation (CVL) or a Members' Voluntary Liquidation (MVL). Typically, CVL fees range from £3,000 to £6,000 plus VAT, while MVL fees are often lower, starting around £2,500. Our fees are fixed and agreed upfront with no hidden charges. We also offer free initial consultations to provide a precise quote based on your specific situation.
What is the difference between CVL and MVL for companies in Southsea?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The liquidator realises assets to pay creditors, and any remaining debts are written off at the end. A Members' Voluntary Liquidation (MVL) is used when a company is solvent and directors wish to close it, often to extract retained profits as capital gains rather than income tax. In an MVL, all creditors are paid in full before distribution to shareholders. The choice depends on your financial position and goals.
Can I continue trading after appointing a liquidator in Southsea?
No, once a liquidator is formally appointed, your powers as director cease. The liquidator takes control of the company's assets and affairs. You cannot continue trading, enter into new contracts, or make payments to creditors without the liquidator's permission. However, in some cases, the liquidator may allow you to continue trading for a short period to complete existing contracts if it benefits creditors. This is rare and must be agreed in writing. Your primary duty after appointment is to cooperate fully with the liquidator.
What happens to company debts after liquidation in Southsea?
In a Creditors' Voluntary Liquidation (CVL), once the liquidation is complete and the company is dissolved, any unsecured debts that were not paid from the company's assets are legally written off. This means creditors cannot pursue the company for those debts in the future. However, this does not apply to personal guarantees you may have signed as a director. If you provided a personal guarantee for a business loan or lease, the creditor can still pursue you personally. Secured creditors (like banks with a floating charge) may also have rights over specific assets.
Will I be personally liable for company debts if I use a liquidator in Southsea?
Generally, no, as long as you have not acted wrongfully. Directors are not personally liable for company debts simply because the company is insolvent. However, personal liability can arise if you have given personal guarantees, traded while insolvent and increased creditor losses (wrongful trading), or acted fraudulently. A licensed liquidator will investigate your conduct. If you have acted in good faith and complied with your duties, you will not be held personally liable. We can advise you on your specific exposure during a free consultation.
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