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 in St Albans?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies wishing to close. In a CVL, a licensed insolvency practitioner sells assets to repay creditors, whereas in an MVL, assets are distributed to shareholders after all debts are settled. Our St Albans liquidators can assess your situation and recommend the correct procedure.
How much does company liquidation cost in St Albans?
The cost of liquidation in St Albans varies depending on the complexity of the company, number of creditors, and asset values. Typically, CVL fees range from £3,000 to £7,000 plus VAT, while MVL fees are often fixed between £2,500 and £4,000. We provide transparent, fixed-fee quotes before any work begins, ensuring no hidden costs. Contact us for a tailored estimate based on your company's circumstances.
Can I keep trading if my company is in liquidation?
Once a winding-up order is made or a CVL is approved, directors lose control and trading must cease immediately, except for actions required to preserve asset value or complete contracts. However, during the pre-liquidation advisory phase, you can continue trading under our guidance to avoid wrongful trading. Our St Albans liquidators will advise on the legal boundaries and help you make informed decisions.
What happens to employees during liquidation in St Albans?
When a company enters liquidation, all employees are automatically dismissed from the date of the winding-up order. The liquidator becomes responsible for settling employee claims, including unpaid wages, holiday pay, and redundancy entitlements, which may be recoverable from the National Insurance Fund. Our team ensures employees are informed promptly and their statutory rights are protected throughout the process.
Are directors personally liable for company debts in St Albans?
Directors are generally not personally liable for company debts if they have acted within the law. However, personal liability can arise if there is evidence of wrongful trading, fraudulent activity, or misuse of company funds. Our St Albans liquidators review director conduct and provide advice to mitigate risks. Acting early and seeking professional guidance significantly reduces the chance of personal claims.
How long does the liquidation process take in St Albans?
The length of liquidation varies, but a CVL typically concludes within 6 to 12 months, while an MVL can be completed in as little as 3 to 6 months. The timeline depends on asset realisation, creditor responses, and any legal complexities. Our St Albans team works efficiently to expedite the process, providing regular updates and ensuring all statutory requirements are met without unnecessary delays.
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