ACCOTAX - Accountants & Tax Consultants
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HUBBLE ACCOUNTANCY LTD
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Kings Oak Accountancy
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Turner Barratt
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MRC Accounting Services
Providing accounting services and solutions
Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. The directors initiate the process, and a licensed insolvency practitioner is appointed to wind up the company, sell assets, and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where shareholders decide to close the business voluntarily. In an MVL, the company can pay all its debts in full, and any remaining assets are distributed to shareholders, often with tax advantages.
How long does the liquidation process take in Woodford?
The duration of a liquidation process depends on the complexity of the company's affairs. A simple Members Voluntary Liquidation (MVL) can often be completed within 6 to 12 months, including the final distribution to shareholders. A Creditors Voluntary Liquidation (CVL) may take longer, typically 12 to 18 months, depending on the number of creditors, asset realisation, and any legal complications. Our team works efficiently to minimise delays and keep you informed throughout.
Can I continue trading if my company is insolvent?
If your company is insolvent, continuing to trade can lead to personal liability for directors under wrongful trading provisions. You have a legal duty to act in the best interests of creditors. Once insolvency is apparent, you should seek professional advice immediately. Our licensed insolvency practitioners can help you assess whether trading is viable or whether liquidation is the appropriate course of action to avoid further financial damage.
What are the costs involved in appointing a company liquidator in Woodford?
The costs of liquidation vary based on the size and complexity of the company. For a Creditors Voluntary Liquidation (CVL), fees are typically paid from the company's assets, but if assets are insufficient, directors may need to contribute. Members Voluntary Liquidation (MVL) fees are usually agreed upfront and can be paid from company funds. We provide transparent fee structures with no hidden costs, and our initial consultation is free of charge.
What happens to employees if a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund. The liquidator will provide employees with the necessary claim forms and guidance. We ensure that all employee rights are handled correctly and that claims are processed promptly.
Can I liquidate a company that has no assets or debts?
Yes, if your company has no assets and no debts, you may be able to apply for a strike-off from the Companies House register, which is a simpler and cheaper process than formal liquidation. However, if there are any outstanding liabilities or potential claims, a formal liquidation may be necessary to protect directors from future actions. Our team can advise on the most suitable route based on your company's specific circumstances.
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