ACCOTAX - Accountants & Tax Consultants
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TITUS ACCOUNTS LTD
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QUENTELA ACCOUNTING LIMITED
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DIrect Assist accountants Ltd
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BARNES MAYER LIMITED
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Accounting etc. limited
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Hayes Accountants
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EXPEDIENT ACCOUNTANCY
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The Bean Counters Accountants LLP
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MINT FORMATIONS LTD
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Taxeasy Ltd
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DEAD SIMPLE ACCOUNTING LTD
Dead Simple Accounting is an expert accounting firm based in Reading, Berkshire. We’ve been supporting the local business community in Reading with a ...See More
Financial Partnership London
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Numerii Ltd
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Tax Cruncher
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MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors cannot pay debts as they fall due. An MVL is for solvent companies where members decide to close the business, often for retirement or restructuring. In a CVL, creditors are repaid from available assets, while in an MVL, all debts are settled in full before distribution to shareholders.
How long does the liquidation process take in Sunninghill?
The length varies depending on complexity, but a typical CVL or MVL can complete in 6 to 12 months. This includes the initial meeting, asset realisation, creditor claims, and final dissolution. Our team ensures all statutory requirements are met promptly to avoid unnecessary delays.
Can I keep trading if I appoint a liquidator?
Once a liquidator is formally appointed, they take control of the company's affairs, and trading must cease immediately, except for actions that preserve asset value. If you are considering liquidation, it is vital to seek advice before trading stops to avoid wrongful trading claims against directors.
What are the costs of hiring a company liquidator in Sunninghill?
Costs vary based on the company's size, asset complexity, and the type of liquidation. Many firms offer fixed-fee packages for straightforward CVLs or MVLs. We provide transparent quotes before you commit, with no hidden charges. For insolvent companies, the liquidator's fees are often paid from the company's assets, subject to approval.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted properly. However, if wrongful trading, fraudulent trading, or breach of fiduciary duty is proven, personal liability may arise. A licensed liquidator will investigate director conduct and advise you on any potential risks during your initial consultation.
Can I liquidate a company that has no assets or money?
Yes, it is possible to liquidate a company with no assets, but you may need to fund the liquidation costs personally or through a director's loan. In some cases, a Creditors Voluntary Liquidation can proceed with no assets if creditors agree, but the liquidator's fees must be covered. We can discuss your options for a cost-effective solution.
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