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 a CVL and an MVL in West Glamorgan?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets, and it is initiated by directors to avoid compulsory winding-up. A Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close, typically to extract retained profits as capital gains. Our licensed practitioners in West Glamorgan will assess your company's financial position and recommend the appropriate procedure.
How much does company liquidation cost in West Glamorgan?
Costs vary based on the complexity of your case, company size, and asset structure. For a standard CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages with no hidden charges. MVL costs are often lower for straightforward solvent closures. We provide a free initial consultation and a written quote before any work begins.
Can directors be held personally liable for company debts during liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law and fulfilled their fiduciary duties. However, if there is evidence of wrongful trading, fraudulent activity, or misuse of company funds, personal liability may arise. Our experts will review your conduct and advise on any potential risks, helping you mitigate exposure.
How long does a company liquidation take in West Glamorgan?
A CVL typically takes between 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. The timeline also depends on the complexity of the company's affairs and the cooperation of all parties. We strive to expedite the process while ensuring legal compliance.
What happens to employees when a company goes into liquidation?
In a CVL, employees are made redundant immediately upon liquidation, and they may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary documentation (RP1 forms) to help employees make claims. In an MVL, employees are usually transferred or paid off as part of the solvent closure process.
Can I close a solvent company without a formal liquidation in West Glamorgan?
Yes, you can apply for voluntary strike-off using Form DS01 if the company is not trading and has no debts, but this does not distribute assets to shareholders and any remaining assets are forfeited to the Crown. For solvent companies with assets, an MVL is the recommended route to legally distribute profits and benefit from capital gains treatment. Our advisors can help you choose the best option.
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