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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors initiate the process, and a licensed insolvency practitioner is appointed to wind up the company, sell assets, and distribute funds to creditors. An MVL is for solvent companies, where shareholders decide to close the business for reasons such as retirement or restructuring. In an MVL, a liquidator is appointed to realise assets and distribute surplus funds to shareholders, often with tax advantages.
How much does company liquidation cost in Angus?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed fees. In Angus, we provide a free initial consultation and a written quote before you commit. Always confirm that the liquidator is licensed and that fees are transparent, with no hidden charges for statutory duties.
Can I keep trading if my company is insolvent?
If your company is insolvent, continuing to trade can lead to personal liability for directors if it results in wrongful trading. However, you may continue trading if it is in the best interests of creditors, such as to complete a contract that will improve the company's position. It is crucial to seek professional advice immediately. A licensed liquidator can assess your situation and advise on the legal steps to avoid penalties, including disqualification.
What are the legal responsibilities of directors during liquidation?
Directors have a duty to act in the best interests of creditors once insolvency is apparent. During liquidation, you must provide full information about the company's affairs, including financial records, and cooperate with the liquidator. You are also required to submit a statement of affairs detailing assets and liabilities. Failure to cooperate or concealing assets can lead to personal liability, fines, or disqualification as a director.
How long does the liquidation process take in Angus?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation can be quicker, often concluded within 3 to 6 months. The timeline also depends on how quickly directors provide necessary documentation and whether any legal disputes arise. Our team works efficiently to minimise delays and keep you informed throughout.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide employees with the necessary forms (RP1, RP2, etc.) and guide them through the claims process. Priority debts, including employee claims, are paid before unsecured creditors.
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