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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Compulsory Liquidation?
A CVL is a voluntary procedure initiated by the company's directors and shareholders when the company is insolvent but they wish to close it down in an orderly manner. The directors appoint a licensed insolvency practitioner to act as liquidator. In contrast, a Compulsory Liquidation is a court-ordered process, typically started by a creditor (such as HMRC or a supplier) who petitions the court to wind up the company. In a compulsory liquidation, the Official Receiver or an appointed insolvency practitioner takes control of the company's assets and affairs.
Can a company liquidator in Andover help if my company is solvent but I want to close it?
Yes, absolutely. For solvent companies, a Members' Voluntary Liquidation (MVL) is the appropriate procedure. This is a formal process where the directors make a statutory declaration of solvency, and a licensed liquidator is appointed to distribute the company's assets to shareholders and then dissolve the company. An MVL is often used for tax efficiency when extracting retained profits, and our Andover team can guide you through the entire process to ensure full compliance with the Companies Act 2006.
What are the legal duties of directors when their company is insolvent?
Directors have a legal duty to act in the best interests of the company's creditors once insolvency is apparent. This means they must avoid wrongful trading, which occurs when a director continues to trade while knowing the company cannot avoid insolvent liquidation, and does not take every step to minimise losses to creditors. Directors must also keep proper financial records, not make preferential payments to certain creditors, and not dispose of assets at undervalue. Our liquidation experts can advise on your specific duties and help you avoid personal liability.
How much does it cost to appoint a company liquidator in Andover?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets and creditors, and the type of liquidation procedure. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £7,000 plus VAT, but this can be higher for complex cases. In many instances, the liquidator's fees are paid from the company's assets. We offer transparent, fixed-fee proposals before you commit, and we provide a free initial consultation to discuss your situation and provide a tailored quote.
Will I be personally liable for my company's debts after liquidation?
Generally, no. A company is a separate legal entity, and once a liquidation is complete, the company is dissolved and its debts are written off. However, personal liability can arise if you have given personal guarantees to lenders or suppliers, or if you have been found guilty of wrongful trading, fraudulent trading, or misfeasance. Directors can also be personally liable for certain unpaid taxes, such as VAT or PAYE, if they have been collected from customers or employees but not paid to HMRC. Our experts will assess your personal exposure and advise on how to mitigate risks.
How long does the liquidation process take in Andover?
The duration of a liquidation depends on the complexity of the case. A Creditors' Voluntary Liquidation (CVL) can often be completed in 6 to 12 months, but if there are complex asset realisations, legal disputes, or investigations, it can take longer. A Members' Voluntary Liquidation (MVL) for a solvent company is often quicker, sometimes within 3 to 6 months. Compulsory liquidations can be more unpredictable due to court processes. Your appointed liquidator will provide a realistic timeline based on your specific circumstances and keep you updated throughout.
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