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 is the difference between a CVL and an MVL for companies in Woodmansterne Surrey?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and ends with the company being dissolved after assets are realised and distributed to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can declare solvency, allowing for tax-efficient distribution of retained profits to shareholders. Both processes require a licensed insolvency practitioner, and our team in Woodmansterne Surrey can advise on which route is suitable for your situation.
How much does it cost to appoint a liquidator in Woodmansterne Surrey?
The cost varies depending on the complexity of the company's affairs, the number of creditors, and the value of assets. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages to provide certainty. An MVL may be cheaper if the company is simple. We always provide a detailed quote before any work begins, with no hidden charges, and we can discuss payment options, including spreading the cost if necessary.
Can I keep trading if my company is insolvent in Woodmansterne?
If your company is insolvent, continuing to trade can lead to wrongful trading claims against directors personally. However, you may continue trading for a short period if it improves creditor outcomes, such as completing a contract. Our licensed insolvency practitioners in Woodmansterne Surrey can assess your cash flow and advise on the legal boundaries. We can also help you decide whether to enter a formal process like a CVL or pursue an alternative solution such as a company voluntary arrangement (CVA).
What happens to company directors after liquidation in Woodmansterne Surrey?
After a CVL, directors are generally released from liability for company debts, provided they have acted in good faith and cooperated with the liquidator. The liquidator will investigate the directors' conduct, but if no misconduct is found, directors can move on to start new ventures. In an MVL, directors receive capital distributions and can then resign or strike off the company. Our team provides ongoing support to directors, including advice on director disqualification risks and future business planning.
How long does the liquidation process take in Woodmansterne Surrey?
A CVL typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often concluded within 3 to 6 months. The process involves appointing a liquidator, notifying creditors, realising assets, distributing funds, and finally applying to Companies House for dissolution. We aim to expedite each stage while ensuring full compliance with insolvency law.
Can I claim redundancy if my company goes into liquidation in Woodmansterne?
Yes, if you are a director and employee of an insolvent company, you may be able to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). This applies to directors on a PAYE salary who have been formally dismissed due to liquidation. Our liquidators will provide you with the necessary forms and guide you through the claim process, ensuring you receive all entitlements you are legally owed.
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