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 Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies that cannot pay their debts, where creditors are involved in the process and an insolvency practitioner is appointed to realise assets and distribute funds to creditors. An MVL is for solvent companies that can pay all debts in full, typically used by directors to close a profitable business and extract capital with tax advantages. The choice depends on your company's financial health, and our liquidators will advise which is appropriate.
How much does company liquidation cost in Stirlingshire?
Costs vary depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, while MVLs may be slightly less. We provide transparent fixed-fee quotes after an initial assessment, with no hidden charges. Contact us for a free, no-obligation quote tailored to your situation.
Can I continue trading while my company is in liquidation?
Once a liquidation order is made, the liquidator takes control of the company, and directors' powers cease. Trading can only continue if the liquidator decides it is necessary to realise assets or complete contracts, but this is rare. Before liquidation, you must stop trading if you are insolvent to avoid wrongful trading claims. Our advisors will help you understand the correct timing and steps to take.
What happens to company debts and creditors during liquidation?
In a CVL, the liquidator notifies all creditors, invites them to submit claims, and then distributes realised assets according to statutory priority. Secured creditors are paid first, followed by preferential creditors (like employees' wages), then unsecured creditors. Any remaining debts are written off at the end of the process, and the company is dissolved. Directors are generally not personally liable for company debts unless there has been misconduct.
How long does the liquidation process take in Stirlingshire?
A CVL typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often concluded in 3 to 6 months. The liquidator must file final accounts and a return to Companies House, and the company is formally dissolved after a further 3-month period. We provide a clear timeline at the outset and keep you updated throughout.
Are directors personally liable for company debts if the company is liquidated?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have acted in good faith and not engaged in wrongful trading, fraudulent trading, or misappropriation of assets. However, if you have given personal guarantees for loans or leases, you may be liable for those specific debts. Our liquidators will review your situation and advise on any potential personal risks before proceeding.
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