ACCOTAX - Accountants & Tax Consultants
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AWS ACCOUNTANTS (LONDON) LLP
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MQPLUS LTD
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KHAWAR & CO LTD
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Ahmed-Cliffords Ltd
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YBSM PARTNERS
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Future Formations Ltd
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Coman And Co Ltd
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TaxPert Solutions Limited Certified Public Accountants
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Frequently asked questions
What is the difference between solvent and insolvent liquidation in Whitstable?
Solvent liquidation, typically a Members' Voluntary Liquidation (MVL), is used when a company is financially healthy but directors wish to close it, often for retirement or restructuring. Insolvent liquidation, usually a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In an MVL, shareholders appoint a liquidator, and creditors are paid in full. In a CVL, the liquidator manages the sale of assets and distributes proceeds to creditors, and directors must act in creditors' interests.
How much does company liquidation cost in Whitstable?
The cost of liquidation varies based on company size, asset complexity, and the type of liquidation. For a straightforward Creditors' Voluntary Liquidation (CVL), fees typically range from £2,000 to £5,000 plus VAT, but many practitioners offer fixed fees. Members' Voluntary Liquidation (MVL) costs are often similar but can be lower for simple cases. We always provide a clear, written quote before you commit, with no hidden charges. Your initial consultation is free.
Can I keep my personal assets if my company goes into liquidation?
In most cases, yes, as long as you have not given personal guarantees for business loans or acted wrongfully. Limited liability protects your personal assets, such as your home and savings, from company debts. However, if you have signed a personal guarantee, the lender can pursue you personally. Our insolvency practitioners will review your situation and advise on any potential risks. Acting early and transparently can significantly reduce personal exposure.
How long does a company liquidation take in Whitstable?
A Creditors' Voluntary Liquidation (CVL) typically takes 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members' Voluntary Liquidation (MVL) for a solvent company can often be completed in 3 to 6 months. The process begins with a meeting of shareholders and creditors, after which the liquidator takes control. We aim to expedite the process while ensuring all legal obligations are met.
What are the responsibilities of directors during liquidation?
Directors must cooperate fully with the liquidator, providing all company records, financial accounts, and information about assets and liabilities. They must not dispose of any company assets without permission. Directors are also required to submit a statement of affairs, detailing the company's financial position. Failure to cooperate can lead to personal liability or disqualification. Our team guides you through these duties, ensuring you meet all legal requirements.
Can a company in Whitstable continue trading during liquidation?
No, once a liquidation order is made (either voluntary or compulsory), the company must cease trading immediately, except for actions necessary to preserve asset value. The liquidator takes over control of the company's affairs. However, before liquidation, you may continue trading if it is in the best interests of creditors, but you must seek professional advice to avoid wrongful trading claims. We can help you assess the right time to stop trading.
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