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Frequently asked questions
What is the difference between solvent and insolvent liquidation?
Solvent liquidation, known as Members Voluntary Liquidation (MVL), is used when a company can pay all its debts in full within 12 months. Insolvent liquidation, typically Creditors Voluntary Liquidation (CVL), is for companies that cannot pay their debts. The process and implications for directors differ significantly, so it is essential to seek professional advice to determine which route applies to your situation.
How much does it cost to liquidate a company in Bourne?
The cost of liquidation varies depending on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £4,000 to £6,000 plus VAT, while an MVL may cost between £2,500 and £4,000. We provide a fixed fee quote after an initial free consultation, so you know the costs upfront with no hidden charges.
Can I continue trading after starting liquidation?
Once a formal liquidation process begins, directors lose control of the company, and the appointed liquidator takes over. You cannot continue trading in the same company name unless you purchase the business assets and start a new company, subject to restrictions. In some cases, a pre-pack sale may be arranged, but this requires court approval or creditor consent.
What are the legal responsibilities of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and attend meetings if required. They must not hide assets or prefer certain creditors over others. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Our team guides you through these duties to ensure full compliance.
How long does the liquidation process take?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months if the company's affairs are straightforward. The liquidator must file final accounts with Companies House before the company is formally dissolved.
Will I be personally liable for company debts?
In most cases, directors are not personally liable for company debts, as limited liability protects personal assets. However, if you have given personal guarantees for loans or leases, you may be pursued by creditors. Additionally, if wrongful trading or fraudulent activity is found, personal liability can arise. Our advisors help you understand your exposure and explore options to mitigate risks.
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