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Frequently asked questions
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent but can still pay its debts. The directors call a meeting of shareholders to pass a resolution to wind up the company, and a licensed insolvency practitioner is appointed to manage the process. Compulsory liquidation is a court-ordered liquidation, usually initiated by a creditor who petitions the court because the company cannot pay its debts. In compulsory liquidation, the court appoints an official receiver or an insolvency practitioner to act as liquidator.
How long does the liquidation process take in Bewdley?
The duration of a liquidation process can vary depending on the complexity of the company's affairs. For a straightforward creditors voluntary liquidation, the process typically takes between 6 to 12 months to complete, including the final distribution of assets and the dissolution of the company. Compulsory liquidation may take longer, especially if there are complex asset realisations or legal disputes. Your liquidator will provide a realistic timeline after an initial review of your company's financial position.
Can a company continue trading during liquidation?
In most cases, trading ceases once a liquidation order is made or a resolution to wind up is passed. However, in certain circumstances, the liquidator may allow trading to continue for a short period to complete existing contracts or to sell the business as a going concern. This is more common in administration or pre-pack sales. In a formal liquidation, the liquidator's primary duty is to realise assets for the benefit of creditors, so ongoing trading is generally not permitted unless it maximises returns.
What are the legal duties of directors when a company is insolvent?
Directors have a legal duty to act in the best interests of creditors when a company is insolvent. This includes avoiding wrongful trading, which means continuing to trade when you know the company cannot avoid insolvent liquidation. Directors must also keep accurate financial records, cooperate with the liquidator, and provide a statement of affairs. Failure to comply can result in personal liability for debts, disqualification as a director, or even criminal penalties. Seeking professional advice early is crucial to fulfilling these duties.
How much does it cost to appoint a liquidator in Bewdley?
The cost of liquidation depends on the size and complexity of the company, the number of assets and creditors, and the chosen liquidation route. For a creditors voluntary liquidation, fees are typically based on the realisation of assets and are subject to approval by creditors. In many cases, the liquidator's fees are paid from the company's assets. If there are no assets, creditors may agree to a fee arrangement, or directors may need to fund the process. We provide transparent fee quotes before any work begins, and our initial consultation is free.
What happens to employees if their company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order or resolution. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory payments from the National Insurance Fund. The liquidator will provide employees with the necessary forms (e.g., RP1, RP2) to make these claims. In some cases, the liquidator may retain employees temporarily to assist with the winding-up process, but this is rare and usually only for a short period.
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