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Frequently asked questions
What are the signs that my Bridlington company should consider liquidation?
Key signs include being unable to pay debts as they fall due, receiving statutory demands or winding-up petitions from creditors, persistent cash flow problems despite sales, and insolvency on your balance sheet where liabilities exceed assets. If you are also facing pressure from HMRC for unpaid taxes, or you have lost a major client and see no viable recovery, it is wise to seek professional advice immediately. Early action can prevent personal liability for wrongful trading and may allow for a more orderly wind-down.
What is the difference between a Creditors' Voluntary Liquidation (CVL) and compulsory liquidation?
A CVL is a voluntary process initiated by the company's directors and shareholders when the company is insolvent. You appoint a licensed insolvency practitioner to sell assets, settle debts, and dissolve the company. Compulsory liquidation is a court-ordered process, usually triggered by a creditor who presents a winding-up petition. A CVL gives you more control over the timing and choice of liquidator, whereas compulsory liquidation removes that control and often results in a more costly and less favourable outcome.
How much does it cost to hire a company liquidator in Bridlington?
Costs vary based on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, our fixed fees typically range from £3,000 to £6,000 plus VAT, but we always provide a clear written quote before you commit. In some cases, the liquidator's fees can be paid from the company's assets, but if there are insufficient assets, directors may need to fund the process personally. We will explain all costs upfront so there are no surprises.
What happens to my company's assets and employees during liquidation?
Once a liquidator is appointed, they take control of all company assets to sell them for the benefit of creditors. This includes property, stock, equipment, and any outstanding debts owed to the company. Employees are made redundant automatically upon the commencement of a compulsory liquidation, but in a CVL, the liquidator will handle redundancies in accordance with employment law. Employees may be able to claim statutory redundancy payments from the National Insurance Fund if the company cannot pay them.
Can I continue trading after my company enters liquidation?
No, once a company enters liquidation, trading must cease immediately, except for limited activities that the liquidator permits to preserve value or complete existing contracts. Directors lose their powers to manage the company's affairs. If you wish to continue a similar business, you must start a new company, but be aware of restrictions on using the same or a similar name within 12 months (unless you obtain court permission or follow the exceptions under the Insolvency Act 1986).
What are the legal duties of directors during insolvency in Bridlington?
Directors have a duty to act in the best interests of creditors when the company is insolvent or bordering on insolvency. This means you must avoid taking on new credit that you cannot repay, not prefer certain creditors over others, and not withdraw funds without proper authority. If you continue trading while insolvent and worsen the position of creditors, you may be personally liable for wrongful trading. Our liquidators can advise you on fulfilling these duties and help you document your decisions to reduce risk.
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