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
MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...
Frequently asked questions
What is a Creditor Voluntary Liquidation (CVL)?
A Creditor Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. A licensed insolvency practitioner is appointed to wind up the company's affairs, sell its assets, and distribute the proceeds to creditors. The process ends with the company being dissolved and removed from the Companies House register.
How much does it cost to liquidate a company in West London?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of creditors. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT. We provide a fixed-fee quote after a free initial consultation, so you know exactly what to expect with no hidden charges.
What is the difference between a CVL and an MVL?
A CVL is used for insolvent companies that cannot pay their debts, while a Members Voluntary Liquidation (MVL) is for solvent companies that wish to close. In an MVL, directors must make a statutory declaration of solvency, confirming the company can pay all debts within 12 months. MVL is often used for tax-efficient distribution of retained profits.
Can I liquidate my company if I have personal guarantees?
Yes, you can still liquidate your company even if you have given personal guarantees for business loans or leases. However, the lender may pursue you personally under the guarantee after liquidation. We advise seeking independent legal advice on your personal exposure, and we can help you negotiate with creditors to mitigate potential claims.
How long does the liquidation process take in West London?
A Creditor Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on how quickly assets can be sold and claims resolved. The initial meeting of creditors usually occurs within 2-3 weeks of the decision to liquidate. Once the liquidation is complete, the company is formally dissolved, which can take a few additional months.
What happens to company directors after liquidation?
After liquidation, directors are generally released from their duties, and the company ceases to exist. However, directors must cooperate fully with the liquidator and provide all required information. If misconduct is found, such as wrongful trading or fraudulent activity, directors can be held personally liable. In most cases, directors can move on to start a new business, subject to any restrictions like a disqualification order.
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