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Frequently asked questions
What is the difference between a CVL and an MVL in Bishop's Stortford?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL is used when a company is solvent but the directors wish to close it down, often for tax efficiency or retirement. In a CVL, creditors control the process, while in an MVL, shareholders appoint the liquidator. Our Bishop's Stortford liquidators will help you determine which route is appropriate based on your company's solvency status.
How much does company liquidation cost in Bishop's Stortford?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements. MVL costs are often lower, starting around £2,500. We provide a fixed-fee quotation after a free initial consultation, so you know exactly what to expect with no hidden charges.
Can I continue trading after my company enters liquidation?
No, once a liquidation order is made (CVL or MVL), the company ceases to trade, except for actions necessary to preserve asset value or complete the liquidation. The appointed liquidator takes control of the company's affairs. However, directors can often start a new business after liquidation, subject to certain restrictions, such as not using a 'phoenix' company name without court approval or creditor consent.
What are the legal duties of directors during a liquidation in Bishop's Stortford?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and attend meetings when required. They must not hide assets or prefer certain creditors. If directors have acted wrongfully, such as trading while insolvent, they may face personal liability. Our liquidators provide guidance to help directors fulfill their duties and mitigate risks.
How long does a company liquidation take in Bishop's Stortford?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months, especially if there are no complex assets. The process ends with the company being struck off the Companies House register. We aim to expedite the process while ensuring all legal requirements are met.
What happens to employees if my company goes into liquidation?
Employees are automatically made redundant when a company enters compulsory liquidation or a CVL is approved. The liquidator will terminate their contracts and assist with claims for redundancy pay, unpaid wages, and holiday pay through the National Insurance Fund (RPO). If you are considering liquidation, we advise you to discuss employee entitlements with us to ensure they are handled correctly.
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