ACCOTAX - Accountants & Tax Consultants
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HUBBLE ACCOUNTANCY LTD
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Modus Accountants Limited
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Raven Solution
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Williamslester Brilliant Accounting Services
Our range of services are provided by fully qualified and experienced staff who always monitor, advise and review both new and existing clients. This ...See More
MRC Accounting Services
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Pharmatax
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Matrix Accountancy Services Limited
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Matrix Accountancy Services
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MARLIS BOOKKEEPING & ACCOUNTANCY
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DEAD SIMPLE ACCOUNTING LTD
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Frequently asked questions
What is the difference between CVL and MVL in Upton St Leonards?
CVL (Creditors Voluntary Liquidation) is for insolvent companies where liabilities exceed assets, initiated by directors to avoid wrongful trading. MVL (Members Voluntary Liquidation) is for solvent companies wishing to close, often for tax efficiency when extracting retained profits. Both require a licensed insolvency practitioner, but CVL involves creditor meetings and asset realisation to repay debts, while MVL distributes surplus to shareholders after settling all liabilities.
How much does company liquidation cost in Upton St Leonards?
Costs vary based on company size, asset complexity, and creditor numbers. For a typical small CVL, fees range from £3,000 to £6,000 plus VAT, often payable from company assets. We offer fixed-fee quotes after a free consultation, with no hidden charges. MVL fees are usually lower, starting around £2,500, but depend on the volume of work. Always confirm what's included, such as statutory filings and HMRC correspondence.
Can I continue trading while my company is being liquidated?
Once liquidation begins, directors lose control and trading must cease except for actions to preserve asset value or complete essential contracts. Continuing to trade while insolvent could lead to personal liability for wrongful trading. If you need to trade to sell the business as a going concern, consider administration instead. Our advisors can explain the legal boundaries and help you choose the right process.
What are the legal duties of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions at undervalue or preferences given to creditors. You must also attend meetings if required and cannot dispose of assets without approval. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. We guide you through every step to ensure compliance.
Will I be personally liable for company debts after liquidation?
Generally, limited liability protects directors from personal liability for company debts, provided you have not acted negligently or fraudulently. However, personal guarantees on loans or leases can make you liable. Also, if you traded while insolvent (wrongful trading) or misused funds, you could face personal claims. Our insolvency practitioners assess your situation and advise on potential risks before proceeding.
How long does the liquidation process take in Upton St Leonards?
A straightforward CVL typically completes within 6 to 12 months, depending on asset realisation and creditor claims. MVL can be faster, often 3 to 6 months. Complex cases with litigation or substantial asset recovery may extend beyond a year. We provide a timeline during your initial consultation and keep you updated throughout, ensuring the process is as swift and stress-free as possible.
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