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HUBBLE ACCOUNTANCY LTD
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Frequently asked questions
What is Creditors' Voluntary Liquidation (CVL) and how does it work in Bradford-on-Avon?
Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure for a limited company that cannot pay its debts. It involves appointing a licensed insolvency practitioner to sell company assets, distribute the proceeds to creditors, and then dissolve the company. In Bradford-on-Avon, our liquidators handle every step, from preparing the statement of affairs to convening creditor meetings and filing the necessary paperwork with Companies House. The process typically takes 6-12 months, after which the company is struck off the register.
How much do company liquidators charge in Bradford-on-Avon?
Our fees for a Creditors' Voluntary Liquidation are fixed and quoted upfront, with no hidden costs. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, depending on the complexity of the company's affairs, such as the number of assets or creditors. We also offer a 'no asset' liquidation option where the director may need to cover costs personally if the company has insufficient funds. We always provide a clear written quote before you commit, and we accept payment instalments in some cases.
What are the legal duties of a director when their company is insolvent in Bradford-on-Avon?
Directors must act in the best interests of creditors once they know the company is insolvent, rather than shareholders. This includes avoiding taking on new credit, not making preferential payments to certain creditors, and not disposing of company assets at undervalue. If you continue trading while insolvent, you risk personal liability for wrongful trading, and you could be disqualified from being a director for up to 15 years. Our liquidators will guide you on fulfilling your duties correctly to minimise these risks.
Can I keep my business assets if my company goes into liquidation?
No, once a company enters liquidation, all its assets (including equipment, stock, vehicles, and intellectual property) are controlled by the liquidator. They are sold to repay creditors. However, if you personally own assets that are leased or hired to the company, you may be able to reclaim them under certain conditions. Additionally, you can buy back assets from the liquidator at market value, but this must be done transparently. Our team can advise on the best way to protect any personal assets you have used for business purposes.
What is the difference between compulsory liquidation and creditors' voluntary liquidation?
Compulsory liquidation is a court-ordered procedure, usually initiated by a creditor who petitions for a winding-up order because the company owes them more than £750. It is a reactive process where the court appoints an Official Receiver. In contrast, Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders voluntarily, even if creditors have not yet taken action. A CVL gives directors more control over choosing the liquidator and often results in a smoother, less adversarial process. We always recommend voluntary action to avoid the costs and reputational damage of a compulsory order.
How long does the liquidation process take in Bradford-on-Avon?
The initial liquidation meeting and appointment of the liquidator can happen within 2-4 weeks of your decision to proceed, depending on how quickly you provide the necessary financial information. The entire process, including asset realisation, creditor claims, and final dissolution, usually takes between 6 and 12 months. However, if the company has no assets or complex disputes, it may be concluded sooner. Our liquidators work efficiently to close your company as quickly as possible, while ensuring full legal compliance.
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