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 creditors voluntary liquidation and compulsory liquidation in Sutton Alresford?
Creditors voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent but can still pay for the process. Compulsory liquidation is a court-ordered process, usually initiated by a creditor through a winding-up petition. In a CVL, you have more control over appointing the liquidator, whereas in compulsory liquidation the court appoints an official receiver. Our licensed liquidators in Sutton Alresford can advise on which route is appropriate for your situation.
How much does company liquidation cost in Sutton Alresford?
The cost of liquidation in Sutton Alresford varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, a simple CVL can cost between £4,000 and £8,000 plus VAT, with fees often paid from company assets. We provide transparent, fixed-fee quotes before you commit, and we will explain all potential costs upfront so there are no hidden surprises.
Can I continue trading if my company is in liquidation?
Once a company enters liquidation, the liquidator takes control and trading must cease, except in limited circumstances where the liquidator decides it is beneficial to complete existing contracts or sell stock to maximise asset value. As a director, you lose your powers to manage the company. If you wish to continue trading, alternative solutions like administration or a company voluntary arrangement might be more suitable, and we can assess your options.
What are the legal responsibilities of directors during liquidation in Sutton Alresford?
Directors have a duty to cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preferences. You must not hide assets or take any action that favours one creditor over another. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our team helps you navigate these responsibilities and minimise risks.
How long does the liquidation process take in Sutton Alresford?
The duration of a liquidation in Sutton Alresford depends on the complexity of the case. A straightforward creditors voluntary liquidation can be concluded within 6 to 12 months, but if there are complex asset sales, legal disputes, or investigations, it may take longer. Your appointed liquidator will provide a realistic timeline at the outset and keep you updated throughout the process.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted lawfully and have not given personal guarantees. However, if wrongful trading, fraudulent trading, or misfeasance is found, directors can be held personally liable. Personal guarantees on loans or leases remain enforceable even after liquidation. Our Sutton Alresford liquidators will review your situation and advise on any potential personal exposure.
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