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 Ives?
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 realises assets to repay creditors, and in an MVL, the company's assets are distributed to shareholders after all debts are settled. The choice depends on your company's solvency status, and our St Ives team can advise which procedure fits your situation.
How long does the liquidation process take in St Ives?
Typically, a Creditors Voluntary Liquidation (CVL) takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members Voluntary Liquidation (MVL) can be completed in as little as 6 to 8 weeks if all statutory requirements are met. Our local practitioners in St Ives work efficiently to minimise delays, but timelines may extend if there are legal disputes or complex asset portfolios.
Can I keep trading if my company is in liquidation in St Ives?
Once a company enters liquidation, the appointed liquidator takes control, and directors lose their powers to trade. However, before liquidation, you may continue trading if it is in the best interest of creditors, but you must not incur further credit. Our St Ives advisors can help you decide the right timing to stop trading and file for liquidation to avoid wrongful trading claims.
What are the costs of appointing a liquidator in St Ives?
Liquidation costs vary based on the complexity of the case, company size, and asset value. For CVL, fees are often taken from the company's assets, but if assets are insufficient, creditors may fund the process. MVL fees are typically fixed or based on time. We offer transparent pricing with no hidden charges, and our initial consultation is free. Contact us for a bespoke quote tailored to your company.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law. However, if you have given personal guarantees, misused funds, or traded wrongfully, you could be held accountable. Our St Ives liquidators will review your conduct to ensure compliance, and we can advise on potential risks. Seeking early professional advice is crucial to protect your personal assets.
What happens to employees during a company liquidation in St Ives?
Employees are considered preferential creditors, and they may be entitled to redundancy pay, unpaid wages, and holiday pay. The liquidator will notify employees of the process, and claims can be made to the Redundancy Payments Service for statutory entitlements. Our team ensures that all employee rights are handled correctly, providing clear communication throughout the liquidation to minimise distress.
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