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Frequently asked questions
What are the typical costs for company liquidation in Billingham?
Costs vary based on the type of liquidation and the complexity of your company's affairs. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages. Members' Voluntary Liquidation (MVL) costs are often lower, starting around £1,500. We always provide a clear, written quote after a free initial assessment.
How long does the liquidation process take in Billingham?
The timeline depends on the liquidation type. A CVL can take between 6 to 12 months to complete, as it involves asset realisation and creditor distribution. An MVL is often faster, typically 3 to 6 months. Compulsory liquidation via court can take longer. We will give you a realistic timeline during your consultation.
Can I continue trading while my company is being liquidated?
Once liquidation begins, directors lose control and cannot trade normally. However, the liquidator may continue trading for a short period to sell stock or complete contracts if it benefits creditors. If you are considering liquidation, it is crucial to stop taking on new credit and seek advice immediately to avoid wrongful trading.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is for insolvent companies that cannot pay debts, where creditors are involved. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors declare solvency and shareholders decide to close. MVL is often used for tax-efficient distribution of retained profits.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided there was no fraud, wrongful trading, or personal guarantees. However, if you have given personal guarantees for loans or leases, those creditors can pursue you. We will review your situation to assess any risks.
Can I use liquidation to write off unpaid taxes like VAT or corporation tax?
Yes, in a CVL, unsecured debts including HMRC taxes (VAT, PAYE, corporation tax) can be written off at the end of liquidation if there are insufficient assets to pay them. However, certain taxes like employee PAYE deductions may be treated as preferential debts. Our advisors will explain how your specific liabilities are treated.
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