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 are the main types of company liquidation available in West Wimbledon?
In West Wimbledon, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Compulsory Liquidation which is court-ordered, and Members Voluntary Liquidation (MVL) for solvent companies. Our licensed insolvency practitioners will assess your situation to determine which procedure is appropriate, ensuring you comply with the Insolvency Act 1986 and achieve the best possible outcome for all parties involved.
How much does it cost to appoint a company liquidator in West Wimbledon?
The cost of liquidation in West Wimbledon varies based on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £4,000 to £8,000 plus VAT for a straightforward CVL, but we offer fixed-fee arrangements in many cases. During your free consultation, we will provide a transparent, written quotation with no hidden charges, so you know exactly what to expect before proceeding.
What is the role of a liquidator regarding director duties and investigations?
A liquidator in West Wimbledon has a statutory duty to investigate the conduct of directors leading up to the insolvency. This includes reviewing transactions, potential preferences, and wrongful trading. However, our role is not to penalise directors unfairly. We provide guidance to help you avoid personal liability, and if we identify issues, we explain them clearly and work with you to resolve them, always aiming to achieve the best possible outcome for all stakeholders.
Can I continue trading after my company enters liquidation?
No, once a company enters Creditors Voluntary Liquidation, trading must cease immediately, except in limited circumstances where the liquidator may continue trading to sell stock or complete contracts for the benefit of creditors. If you continue trading after the liquidation order is made, you may be personally liable for any new debts incurred. Our team will advise you on the correct procedures to follow to avoid any legal repercussions.
How long does the liquidation process take in West Wimbledon?
The duration of a Creditors Voluntary Liquidation in West Wimbledon typically takes between 6 to 12 months to complete, depending on the complexity of the case. This includes the initial meeting of creditors, asset realisation, and final distribution to creditors. However, simple cases with few assets and no disputes can be concluded more quickly, while complex cases involving litigation or overseas assets may take longer. We keep you informed at every stage.
What are the alternatives to liquidation for a struggling company in West Wimbledon?
Alternatives to liquidation include company administration, which aims to rescue the business as a going concern, or a Company Voluntary Arrangement (CVA) to repay debts over time. Additionally, informal arrangements with creditors or a structured wind-down may be possible. Our insolvency practitioners will review your financial position and objectives to recommend the most suitable option, helping you avoid unnecessary liquidation if a better outcome can be achieved.
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