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Cruse+Burke
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Frequently asked questions
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where a liquidator sells assets and distributes proceeds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close, allowing surplus assets to be distributed to shareholders in a tax-efficient manner. Our licensed practitioners in Banstead will assess your financial position and recommend the correct procedure for your circumstances.
How much does it cost to appoint a company liquidator in Banstead?
We operate on a fixed-fee basis for all standard liquidations in Banstead. For a CVL, our fees typically start from £3,500 plus VAT, which includes all statutory work, creditor correspondence, and final dissolution. For an MVL, fees are often lower and depend on the complexity of the company's affairs. We provide a clear, written quotation before any work begins, so there are no hidden costs.
How long does the liquidation process take in Banstead?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of the company's assets and creditor claims. An MVL can be completed more quickly, often within 3 to 6 months, as there are no creditor issues. We aim to move as swiftly as possible while ensuring full compliance with insolvency law, keeping you informed at every stage.
Can I continue trading while my company is in liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the business and its assets. Directors' powers cease immediately, and you cannot trade or make payments without the liquidator's approval. However, in some cases, the liquidator may allow trading to continue for a short period to complete contracts or sell the business as a going concern, but this is at their discretion.
What are the legal duties of directors during an insolvent liquidation in Banstead?
Directors have a duty to act in the best interests of creditors once insolvency is apparent. This includes avoiding wrongful trading, not preferring certain creditors, and providing full disclosure of the company's financial affairs. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our team will guide you through your responsibilities and help you avoid any pitfalls.
Will I be personally liable for company debts after liquidation?
Generally, no, as limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. Our liquidators in Banstead will review your situation and advise you on any potential risks before proceeding.
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