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Purnells - Licensed Insolvency Practitioners
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HUBBLE ACCOUNTANCY LTD
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QUENTELA ACCOUNTING LIMITED
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Frequently asked questions
What is a Creditors' Voluntary Liquidation (CVL) and how does it work in Brixham?
A Creditors' Voluntary Liquidation (CVL) is a formal insolvency process for a company that cannot pay its debts. It is initiated by the directors, who pass a resolution to wind up the company. A licensed insolvency practitioner is then appointed as the liquidator. The liquidator's role is to realise the company's assets, investigate the directors' conduct, and distribute the proceeds to creditors in a statutory order. The process typically takes between 6 and 12 months, after which the company is dissolved and removed from the Companies House register.
What are the legal duties of a director when a company becomes insolvent in Brixham?
When a company becomes insolvent, directors have a legal duty to act in the best interests of the company's creditors, rather than the shareholders. This includes avoiding wrongful trading (continuing to trade when there is no reasonable prospect of avoiding insolvent liquidation), keeping proper financial records, and not making preferential payments to certain creditors. Failing to meet these duties can result in personal liability for company debts, disqualification as a director, or even criminal prosecution. Seeking professional advice early is crucial to protect yourself.
Can I continue trading while my Brixham company is in liquidation?
Once a company enters Creditors' Voluntary Liquidation, the liquidator takes control and the directors' powers cease. The company cannot continue its normal trading activities. However, the liquidator may continue trading for a short period to complete work in progress or sell assets at the best price. If you wish to continue trading the business, you might consider buying the assets from the liquidator or using a pre-pack administration sale, which must be approved by creditors. You should seek professional advice before making any decisions.
What is the cost of appointing a company liquidator in Brixham?
The cost of a Creditors' Voluntary Liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor claims. Typically, fees are paid from the company's assets. If there are insufficient assets, directors may need to fund the process personally, but this is not always the case. We provide a free, no-obligation quote after reviewing your company's financial position. We are transparent about our fees and will always explain the costs before you commit to any action.
Will I be personally liable for company debts after liquidation in Brixham?
In most cases, directors are not personally liable for company debts, as a limited company provides a legal shield. However, personal liability can arise if you have given a personal guarantee for a business loan, or if you have acted improperly, such as trading wrongfully, misusing company funds, or failing to pay taxes withheld from employees. Our role is to ensure that you act correctly throughout the process, minimising the risk of personal claims from creditors or the Insolvency Service.
What is the difference between a solvent strike-off and a formal liquidation for a Brixham company?
A solvent strike-off is a low-cost procedure to remove a company from the register if it has no assets, no debts, and has ceased trading. It is not suitable for an insolvent company, as it does not deal with creditors' claims and directors could be penalised for using it improperly. A formal liquidation, such as a Members' Voluntary Liquidation (MVL) for solvent companies or a CVL for insolvent companies, is a proper legal process that provides closure, distributes assets (if any), and protects directors from future claims. We can help you determine which route is appropriate for your situation.
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