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HUBBLE ACCOUNTANCY LTD
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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, meaning it cannot pay its debts as they fall due. It is initiated by the directors and involves a meeting of creditors. An MVL is used for a solvent company where the directors wish to close the business formally, often for retirement or restructuring. In an MVL, shareholders appoint a liquidator, and creditors are paid in full before any distribution to shareholders.
How much do company liquidators in Awbridge charge for their services?
Fees vary based on the complexity of the liquidation, the size of the company, and the amount of work required. For a Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex cases. For an MVL, fees are often similar. Always request a detailed written quote before proceeding, and ensure there are no hidden costs. Our firm provides transparent fixed-fee options where possible.
Can I continue to trade my company while it is in liquidation?
No. Once a company enters formal liquidation, the appointed liquidator takes control of the company's affairs. The directors' powers cease, and they cannot trade or make decisions about the company's assets. Trading without the liquidator's consent is a criminal offence. If you wish to continue trading, you should explore alternatives such as administration or a Company Voluntary Arrangement (CVA) before liquidation.
What are the legal duties of directors when a company becomes insolvent?
Directors must act in the interests of creditors from the moment they know or suspect insolvency. This includes avoiding wrongful trading (continuing to incur debts when there is no reasonable prospect of repayment), keeping accurate financial records, and not making preferential payments to certain creditors. Breaching these duties can lead to personal liability, disqualification, or even criminal prosecution. Seeking professional advice early is crucial.
Will I be personally liable for company debts after liquidation?
In most cases, no. If you have acted properly and not given personal guarantees, the liquidation process protects you from personal liability for company debts. However, if you have given personal guarantees for loans or leases, the creditor can pursue you for those amounts. Additionally, if wrongful trading or fraudulent activity is found, you may be personally liable. A liquidator will investigate your conduct and report any issues.
How long does the liquidation process take in Awbridge?
The initial liquidation meeting and appointment of the liquidator can happen within 2 to 4 weeks from your instruction. The full liquidation process, including asset realisation, creditor claims, and final closure, typically takes 6 to 12 months. However, this can be longer if there are complex assets, disputes, or investigations. The liquidator will provide a timeline at the outset and keep you informed throughout.
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