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 CVL and MVL in Worcestershire?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies wishing to close, often for tax efficiency. Our Worcestershire liquidators will assess your financial position and recommend the correct procedure.
How much do company liquidators charge in Worcestershire?
Fees vary based on complexity, asset value, and creditor numbers. Typically, a CVL costs between £4,000 and £8,000 plus VAT, but we provide fixed-fee quotes after a free consultation. We ensure no hidden costs and explain all charges upfront.
Can I keep trading if my company is insolvent in Worcestershire?
No, once insolvent, directors have a duty to protect creditors. Continuing to trade could lead to wrongful trading claims. Our liquidators advise you to stop taking on new credit and seek professional guidance immediately to avoid personal liability.
How long does a company liquidation take in Worcestershire?
A CVL typically completes in 6 to 12 months, depending on asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months. We provide a timeline after reviewing your company's records and assets.
What happens to employees during liquidation in Worcestershire?
Employees are made redundant when liquidation begins. They can claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. Our liquidators guide you through employee notifications and ensure compliance with employment law.
Are directors personally liable for company debts in Worcestershire?
Generally, no, if the company is a limited liability entity and no personal guarantees were signed. However, if wrongful trading, fraud, or misfeasance occurred, directors can be held liable. Our experts help you avoid such pitfalls and protect your personal assets.
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