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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL) in Bournemouth?
A CVL is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors initiate the process, but creditors control the outcome, and a licensed insolvency practitioner acts as liquidator to realise assets and distribute funds to creditors. An MVL is for solvent companies where directors and shareholders wish to close the business, often for retirement or restructuring. In an MVL, shareholders appoint the liquidator, and the process allows for tax-efficient distribution of surplus assets, usually as capital rather than income.
How long does a company liquidation take in Bournemouth?
The duration varies depending on the complexity of the company's affairs. A straightforward Members' Voluntary Liquidation (MVL) can often be completed within 6 to 12 months, as the liquidator must wait for the statutory period for creditor claims to lapse. A Creditors' Voluntary Liquidation (CVL) typically takes longer, often 12 to 18 months, because asset realisation, investigations, and creditor negotiations can be more involved. Our liquidators in Bournemouth aim to conclude cases as quickly as possible while ensuring all legal obligations are met.
Can I still trade my company while it is in liquidation?
No, once a liquidation order is made or a resolution to wind up is passed, the directors' powers cease, and the appointed liquidator takes control of the company's affairs. You cannot continue trading, selling assets, or making payments without the liquidator's consent. However, in some cases, the liquidator may allow limited trading to complete existing contracts or sell stock to maximise value for creditors. It is crucial to seek advice before making any decisions to avoid wrongful trading claims.
What are the costs of appointing a company liquidator in Bournemouth?
The costs vary based on the size and complexity of the company. For a Creditors' Voluntary Liquidation (CVL), fees are typically paid from the company's assets, but if there are no assets, directors may need to contribute to cover costs. For a Members' Voluntary Liquidation (MVL), fees are agreed upfront and are often based on a fixed fee or a percentage of the assets realised. We provide transparent fee quotes before you commit, and we can discuss options for funding the liquidation if necessary.
What happens to company debts after liquidation in Bournemouth?
When a company enters liquidation, all unsecured debts are effectively written off, provided the liquidation is conducted properly and the company has no assets to pay them. Secured creditors (like banks with a charge) may recover their debts from specific assets. The liquidator will investigate the company's affairs and may challenge any preferential payments or transactions made shortly before liquidation. Once the liquidation is complete, the company is dissolved, and creditors cannot pursue the company or its directors for the outstanding debts, unless there was personal fraud or a personal guarantee.
Are directors personally liable for company debts in a liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law and the company is insolvent. However, personal liability can arise if directors have given personal guarantees, traded wrongfully (continued trading when they knew the company was insolvent), or been involved in fraudulent activities. The liquidator can also pursue directors for misfeasance or breach of duty. Our Bournemouth liquidators will assess your situation and advise on potential risks, helping you avoid personal exposure where possible.
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