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 Thornton Cleveleys?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it protects directors from further claims. A Members Voluntary Liquidation (MVL) is for solvent companies that want to close, often for tax efficiency. Our liquidators assess your financial position and recommend the correct procedure.
How much does it cost to appoint a liquidator in Thornton Cleveleys?
Costs vary depending on the complexity of the company's affairs, asset realisation, and creditor structure. For CVLs, fees are often based on a percentage of realisations or fixed fees agreed upfront. We provide transparent pricing with no hidden charges, and we will give you a detailed quote after a free consultation.
Can I continue trading while my company is being liquidated?
Once liquidation begins, directors lose control and cannot trade except to complete the winding-up process in a limited way. Before liquidation, you must avoid wrongful trading. Our advisors help you decide the right timing and can assist with pre-liquidation trading issues to minimise personal liability.
What happens to company assets during liquidation in Thornton Cleveleys?
The appointed liquidator takes control of all company assets, including property, stock, equipment, and intellectual property. They will value, realise, and distribute the proceeds to secured and unsecured creditors in the legal order of priority. You cannot sell or transfer assets once liquidation is imminent.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from company debts if no wrongful trading or fraudulent activity occurred. However, personal guarantees, unpaid taxes due to negligence, or director loans can create personal liability. Our liquidators review your situation to identify any risks before proceeding.
How long does the liquidation process take in Thornton Cleveleys?
A CVL typically completes within 6 to 12 months, depending on asset realisation and creditor claims. MVLs can be faster, often 3 to 6 months. Complex cases with investigations or litigation may take longer. We provide realistic timelines and keep you informed at every stage.
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