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 for a company in Stanmore?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it is initiated by directors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors want to close the business and distribute assets, often to access capital gains tax treatment. Our licensed practitioners will assess your solvency and recommend the correct procedure.
How much does company liquidation cost in Stanmore, Middlesex?
Costs vary depending on the complexity of your company's affairs, number of creditors, and asset structure. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements, but we provide a fixed-fee quote after a free initial consultation. MVL costs are often lower, starting around £2,500, as the process is simpler.
Can I continue trading while my company is being liquidated?
Once a liquidation order is made or a resolution is passed for CVL, trading must cease immediately except for actions necessary to preserve asset value or complete existing contracts with the liquidator's permission. Continuing to trade while insolvent could lead to personal liability for wrongful trading, so we advise stopping all new credit transactions immediately.
What happens to company employees during liquidation in Stanmore?
Employees are automatically dismissed once the liquidation order is made or the resolution is passed. They become preferential creditors for unpaid wages (up to statutory limits), holiday pay, and pension contributions. The liquidator will handle redundancy claims through the Redundancy Payments Service, and we will guide you on your obligations as an employer.
Are directors personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted properly and not engaged in fraudulent or wrongful trading. However, personal guarantees given to lenders or landlords remain enforceable. Our team will review your situation to identify any potential risks and advise on how to minimise personal exposure.
How long does the liquidation process take for a Stanmore company?
A CVL typically takes between 6 to 12 months to conclude, depending on the complexity of asset realisation and creditor claims. An MVL can often be completed in 3 to 6 months. The initial appointment of the liquidator can happen within 2 to 3 weeks of your decision, subject to creditor approval.
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