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 Waveney?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where directors cannot pay debts, and it involves appointing a liquidator to wind up affairs and distribute assets to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically when directors retire or move on, allowing tax-efficient distribution of surplus assets to shareholders. Our Waveney liquidators will assess your financial position and recommend the correct procedure based on whether your company is solvent or insolvent.
How much does company liquidation cost in Waveney?
The cost varies depending on company size, asset complexity, and creditor structure. For a straightforward CVL, fees often range from £3,000 to £6,000 plus VAT, but we provide fixed-fee quotes after an initial free review. MVL costs are usually lower, starting around £1,500, because there are no creditor negotiations. We always confirm all costs upfront with no hidden charges, and we can discuss payment options to ease cash flow pressure.
Can I keep trading if I apply for liquidation in Waveney?
Once a liquidation order is made or a resolution is passed, trading must cease immediately, except for actions needed to preserve asset value. However, before that point, directors can continue trading if it is in the best interest of creditors and does not worsen their position. Our liquidators advise you on the legal boundaries and help you plan a controlled wind-down to avoid wrongful trading claims.
What happens to employees during company liquidation in Waveney?
Employees are made redundant as soon as the company enters liquidation. The liquidator takes over as the responsible person to issue redundancy notices and calculate statutory entitlements, including unpaid wages, holiday pay, and notice pay. Claims for these amounts are made to the National Insurance Fund, which covers most statutory redundancy payments. We guide employees through the process and ensure all claims are submitted correctly.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from company debts unless you have given personal guarantees, acted fraudulently, or traded wrongfully. Our Waveney liquidators review your conduct to identify any potential risks. If personal guarantees exist, we negotiate with creditors on your behalf to reach a settlement. We also help you understand the difference between corporate and personal liability to give you peace of mind.
How long does a company liquidation take in Waveney?
A CVL typically completes within 6 to 12 months, depending on asset realisation and creditor claims. An MVL can be concluded faster, often in 3 to 6 months, if no complex issues arise. The process includes appointing the liquidator, notifying creditors, selling assets, distributing funds, and applying for dissolution. We keep you updated at each stage and work to expedite the timeline where possible.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.