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Frequently asked questions
What is the difference between CVL and MVL in Braunton?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where a licensed insolvency practitioner sells assets and distributes proceeds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies, typically used to extract retained profits tax-efficiently when directors wish to retire or move on. In Braunton, our practitioners will assess your financial position and recommend the correct procedure for your situation.
How much does company liquidation cost in Braunton?
Liquidation costs vary based on company complexity, asset values, and creditor numbers. For a simple CVL in Braunton, fees typically range from £3,000 to £6,000 plus VAT, which includes all statutory work and disbursements. We provide a fixed-fee quote after an initial free review, ensuring no hidden charges. MVL costs are often lower, starting around £2,500, but we will confirm exact pricing before you commit.
Can I continue trading after liquidation in Braunton?
No, once a company enters liquidation, the liquidator takes control and the company ceases to trade immediately. Directors cannot continue operating the business under the same name. However, you may be able to purchase assets from the liquidator and start a new company, subject to restrictions under the Insolvency Act 1986. We advise on legal options like buying back assets or using a 'phoenix' company, but only within strict legal boundaries.
What are the responsibilities of directors during liquidation in Braunton?
Directors must cooperate fully with the liquidator, providing all company records, accounts, and asset details. They must also attend creditors' meetings if required and answer questions about the company's affairs. Directors have a duty to avoid wrongful trading, so if you suspect insolvency, act immediately. Our Braunton team helps you prepare the necessary statements of affairs and ensures you meet all legal obligations.
How long does the liquidation process take in Braunton?
A CVL typically completes within 6 to 12 months, depending on asset sales and creditor claims. The initial creditors' meeting is usually held within 2 to 3 weeks of the decision to liquidate. MVLs can be faster, often concluding in 3 to 6 months. We provide regular updates throughout the process and work efficiently to close your company as quickly as possible.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted properly and not given personal guarantees. However, if you have signed personal guarantees for loans or leases, creditors can pursue you for those amounts. Also, if wrongful or fraudulent trading is proven, personal liability may arise. Our Braunton insolvency experts review your situation to identify any risks and advise on protecting your personal assets.
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