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 a solvent and insolvent liquidation in Southworld?
A solvent liquidation, typically a Members' Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. It allows for a tax-efficient distribution of assets to shareholders. An insolvent liquidation, usually a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In a CVL, a liquidator is appointed to realize assets and distribute proceeds to creditors in a statutory order, while investigating the directors' conduct.
How long does a company liquidation take in Southworld?
The duration varies depending on the complexity of the company's affairs. A straightforward Creditors' Voluntary Liquidation (CVL) can often be completed within 6 to 12 months, including the investigation and final distribution. A Members' Voluntary Liquidation (MVL) may take a similar timeframe, but it can be shorter if all assets are easily realized and there are no complex claims. We provide a realistic timeline after an initial review of your company's records.
What are the costs involved in appointing a liquidator in Southworld?
Liquidation costs are typically paid from the company's assets, ranking ahead of unsecured creditors. For a CVL, the liquidator's fees are usually based on time spent or a fixed fee agreed upon at the creditors' meeting. For an MVL, fees are often fixed or based on a percentage of the assets realized. We provide a clear fee structure upfront with no hidden charges, and we will explain how your specific case will be funded.
Will I be personally liable for company debts after liquidation in Southworld?
In most cases, directors are not personally liable for company debts if they have acted within the law. However, if there is evidence of wrongful trading, fraudulent trading, or misfeasance, a liquidator can pursue directors for personal contribution. Our role is to investigate and, if no misconduct is found, you will be released from your duties. We advise directors on how to avoid personal liability throughout the process.
Can I continue to trade the same business after my company is liquidated?
You cannot continue trading under the same company name if it goes into insolvent liquidation, as this is prohibited under the Insolvency Act. However, you may be able to purchase assets from the liquidator and start a new business, subject to certain restrictions and court approval if necessary. We provide guidance on the 'phoenix' rules to ensure you remain compliant and avoid penalties.
What information do I need to provide to a liquidator in Southworld?
You will need to provide the company's statutory records, including incorporation documents, share register, and annual returns. Financial records such as balance sheets, profit and loss accounts, and bank statements are essential. Also, a list of all creditors and debtors, details of any assets, and information about any recent transactions. Our team will guide you through a comprehensive checklist to ensure nothing is missed.
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