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John Lavender accounting ltd
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MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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MARK SASTA & ASSOCIATES
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BLUEBIRD ACCOUNTANCY LIMITED
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Frequently asked questions
What are the signs that my company in Wingrave needs liquidation?
Common signs include persistent cash flow problems, inability to pay creditors or staff on time, statutory demands from suppliers, winding-up petitions, and a balance sheet showing liabilities exceeding assets. If you are considering liquidation, it is crucial to seek professional advice early to explore all options and avoid personal liability for wrongful trading.
How much does company liquidation cost in Wingrave?
The cost of liquidation varies depending on the complexity of your company's financial affairs, the number of creditors, and the chosen procedure. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT, but we offer free initial consultations and fixed-fee options where possible. Contact us for a tailored quote based on your specific situation.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, while a Members' Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business and distribute assets tax-efficiently. In an MVL, a declaration of solvency must be made, and the process is typically faster and less complex than a CVL.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or breached fiduciary duties. Our advisors will help you understand your exposure and take steps to protect your personal assets.
Can I continue trading while the liquidation process is ongoing?
Once a liquidation order is made or a resolution to wind up is passed, trading must cease immediately, except for actions necessary to preserve the company's assets or complete essential contracts. Our liquidators will guide you on what is permissible during the process to avoid any legal complications.
How long does the liquidation process take in Wingrave?
A Creditors' Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. A Members' Voluntary Liquidation can be completed in as little as 3 to 6 months. The process involves filing statutory forms, holding creditor meetings, and final dissolution with Companies House.
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