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
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
ADD- WORTH ACCOUNTANCY LTD
Helping business owners make sense of their numbers. 30+ years of progressive finance and accounting experience in various industries. Offering expert...See More
Argents Chartered Accountants
An established firm of chartered accountants based in Norwich, we provide a range of accountancy and business support services to clients throughout t...See More
Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
BARNES MAYER LIMITED
Barnes Mayer Ltd is an independent, family run business providing accounting and taxation services throughout Maidenhead, Berkshire and Buckinghamshir...See More
Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
Breco Accounting Services
Client centered accountant concentrating on helping small businesses and individuals. Friendly Service, Competitive rates. Payroll Services, Vat Retur...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Frequently asked questions
What is a company liquidator?
A company liquidator is a licensed insolvency practitioner appointed to wind up a company's affairs. Their role involves selling company assets, paying creditors, distributing any remaining funds to shareholders, and formally dissolving the company. Liquidators also investigate the company's financial history to ensure directors have acted lawfully.
How much does company liquidation cost in the UK?
The cost of liquidation in varies depending on the complexity of the case and the type of liquidation required. Creditors Voluntary Liquidation (CVL) typically costs between £4,000 and £8,000 plus VAT, while Members Voluntary Liquidation (MVL) can range from £2,500 to £5,000. Many firms offer fixed-fee packages and payment plans.
What is the difference between CVL and MVL?
CVL (Creditors Voluntary Liquidation) is used when a company is insolvent and cannot pay its debts. MVL (Members Voluntary Liquidation) is for solvent companies where directors and shareholders wish to close the business, often for tax efficiency. In CVL, creditors control the process, while in MVL, shareholders initiate it.
Can a company be liquidated without a liquidator?
No, a formal liquidation process always requires a licensed insolvency practitioner to act as the liquidator. However, an alternative is voluntary strike-off via Companies House, which is cheaper but only available for companies that have not traded recently and have no debts. This process does not require a liquidator but is not suitable for insolvent companies.
How long does company liquidation take in the UK?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months if all matters are straightforward. Compulsory liquidation may take longer due to court processes.
What happens to employees when a company is liquidated?
When a company enters liquidation, all employees are automatically dismissed. The liquidator will assess claims for unpaid wages, holiday pay, and redundancy pay. Employees may be able to claim certain statutory payments from the National Insurance Fund through the Redundancy Payments Service if the company cannot pay.
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