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
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
Frequently asked questions
What is the difference between a CVL and an MVL in Wirral?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies, where debts cannot be paid. It is initiated by directors and involves a licensed insolvency practitioner realising assets to repay creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies, where directors swear a declaration of solvency, and the process distributes surplus assets to shareholders, often with tax advantages. In Wirral, our liquidators will assess your solvency status to recommend the correct procedure.
How much does company liquidation cost in Wirral?
The cost of liquidation in Wirral varies depending on the complexity of the company's affairs, the number of creditors, and the asset base. For a CVL, fees typically range from £4,000 to £8,000 plus VAT, but this is often covered by company assets. For an MVL, fees are usually fixed or based on time, starting around £3,500. We provide a transparent, fixed-fee quote after a free initial review of your company's financial position.
Can I still trade after appointing a liquidator in Wirral?
No. Once a liquidator is formally appointed, their control over the company begins, and the directors' powers cease. Trading after liquidation is illegal and could result in personal liability for debts incurred. However, before appointment, you can continue trading to preserve value, but you must avoid wrongful trading. Our Wirral liquidators can advise on the exact point to stop trading and how to handle any ongoing contracts.
What happens to employees when a company in Wirral goes into liquidation?
In a CVL, employees are automatically dismissed from the date of liquidation. The liquidator becomes responsible for their statutory entitlements, such as redundancy pay, notice pay, and unpaid wages, which may be claimed from the National Insurance Fund via the Redundancy Payments Service. In an MVL, employees are typically made redundant before the liquidation begins, but the liquidator ensures all final payments are made from company funds.
Will I be personally liable for company debts after liquidation in Wirral?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently, traded wrongfully, or given personal guarantees. If you have given a personal guarantee for a business loan, the creditor can pursue you personally. Our Wirral liquidators will review all guarantees and advise on potential risks, including director loan accounts that may be repayable.
How long does the liquidation process take in Wirral?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months, especially if the company has no complex assets. The initial appointment can happen within 2 to 4 weeks from your first consultation. Our Wirral team expedites the process by handling all paperwork and statutory filings efficiently, keeping you informed at every stage.
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