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 CVL and an MVL in Totton?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where the directors voluntarily choose to wind up the business. A Members' Voluntary Liquidation (MVL) is for solvent companies, typically used by directors who wish to retire or restructure, allowing for tax-efficient distribution of retained profits. Our licensed IPs in Totton will assess your financial position and recommend the correct procedure for your circumstances.
How much does a company liquidation cost in Southampton?
The cost of liquidation varies based on the complexity of the company's affairs, asset base, and number of creditors. For a straightforward CVL, our fixed fees typically start from £4,000 plus VAT and disbursements. We provide a detailed written quote after an initial free consultation, with no hidden charges. In some cases, the company's assets or the liquidation estate can cover the fees.
Can I keep trading if my company is insolvent in Totton?
If your company is insolvent, continuing to trade can expose directors to personal liability for wrongful trading. However, you may continue trading for a short period if it improves creditor outcomes or allows for a rescue attempt. Our experts advise on the legal boundaries and help you decide the best course of action, including whether a formal insolvency procedure is necessary.
What happens to employees when a company is liquidated?
In a CVL, all employees are automatically dismissed from the date of liquidation. The liquidator will handle statutory redundancy claims and payments through the National Insurance Fund, including unpaid wages, holiday pay, and notice pay. We guide you through the process and ensure employees receive their entitlements as efficiently as possible.
Will I be personally liable for company debts after liquidation?
Generally, no – limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, misused company funds, or traded wrongfully. Our insolvency practitioners in Totton will review your conduct and advise on any potential risks, helping you mitigate exposure before liquidation.
How long does the liquidation process take in Southampton?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of the asset realisation and creditor claims. The initial appointment of the liquidator can occur within 2 to 3 weeks of the decision to liquidate. MVLs can be faster, often concluding in 3 to 6 months. We provide a timeline at the outset and keep you updated throughout.
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