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 Vale of Glamorgan?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts, where a liquidator sells assets and distributes proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used by directors to close a business tax-efficiently and extract retained profits as capital gains. Our licensed liquidators in Vale of Glamorgan will assess your solvency and recommend the correct procedure.
How much does company liquidation cost in Vale of Glamorgan?
Costs vary based on the complexity of your case, the number of assets, and the level of creditor involvement. For a simple CVL, fees typically range from £3,000 to £6,000 plus VAT, but we provide a fixed-fee quote after a free initial review. MVL costs are often lower for straightforward cases. We offer transparent pricing with no hidden charges, and we will explain all fees upfront before you commit.
Can I continue trading while my company is in liquidation?
Once a winding-up order is made or a CVL is approved, directors lose control and trading must cease immediately, except for actions necessary to preserve asset value. In an MVL, trading stops after the resolution is passed. Our liquidators will advise on the exact date you must stop trading to avoid personal liability for wrongful trading.
What happens to company directors after liquidation in Vale of Glamorgan?
Directors are not personally liable for company debts unless they have given personal guarantees or acted fraudulently. After a CVL, directors are usually released from their duties once the liquidation is complete, but they must cooperate with the liquidator. In an MVL, directors can receive capital distributions and then the company is dissolved. We guide directors through their legal obligations throughout the process.
How long does a company liquidation take in Vale of Glamorgan?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months if all formalities are handled efficiently. Our team works diligently to expedite the process while ensuring full compliance with the Insolvency Act 1986.
Will HMRC pursue me for unpaid taxes if my company goes into liquidation?
HMRC is a preferential creditor for certain taxes like VAT and PAYE, but they cannot pursue directors personally for company tax debts unless there has been deliberate wrongdoing or personal liability. Once liquidation begins, HMRC must claim through the liquidation process. Our advisors can help you understand your exposure and negotiate with HMRC on your behalf.
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