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 Uponthames?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An insolvency practitioner is appointed to wind down the company, sell assets, and distribute funds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close, where directors make a statutory declaration of solvency and the company's assets are distributed to shareholders after all debts are paid. MVL is often more tax-efficient for extracting retained profits.
How long does the liquidation process take in Uponthames?
The duration varies depending on the complexity of the company's affairs. A straightforward MVL can be completed in as little as 6 to 8 months, while a CVL may take 12 to 18 months due to the need to investigate director conduct, deal with creditor claims, and realize assets. Our team works efficiently to minimize delays, but statutory timelines and the cooperation of all parties can affect the overall timeline.
Can I keep trading while my company is in liquidation?
Once a company enters liquidation, the appointed liquidator takes control of the business. Directors lose their powers to trade or manage the company's affairs. However, the liquidator may continue trading for a short period to complete existing contracts or sell the business as a going concern. If you are considering liquidation, it is crucial to seek professional advice before making any decisions, as trading while insolvent can lead to personal liability.
What are the costs of hiring a liquidator in Uponthames?
The costs vary based on the size and complexity of the company. For a CVL, fees are typically paid from the company's assets, but if there are no assets, directors may need to fund the liquidation personally. MVL fees are usually agreed as a fixed fee and are paid by the company. We always provide a clear, fixed-fee quote before you commit, so you know exactly what to expect with no hidden charges.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts. However, if you have given personal guarantees, acted fraudulently, or traded while knowingly insolvent, you could be held personally liable. Our experts will assess your situation and advise on any potential risks, helping you navigate the process safely and legally.
Can I liquidate a company that has no assets or cash?
Yes, it is possible to liquidate an insolvent company with no assets, but the liquidation costs must be covered. If the company cannot pay the liquidator's fees, directors may need to fund the process personally. In some cases, a director's loan account or other sources may be used. We offer flexible options and will discuss the most cost-effective approach during your free consultation.
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