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MAKESWORTH LIMITED
Makesworth
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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies where the directors can declare solvency and the shareholders vote to close the company, often for tax efficiency. The key difference is solvency: CVL for insolvent, MVL for solvent companies.
How much do company liquidators in Brookmans Park charge for their services?
Fees vary depending on the complexity of the liquidation, the size of the company, and the amount of work involved. For a CVL, typical fees range from £3,000 to £6,000 plus VAT, but this can be higher for larger companies. For an MVL, fees are often fixed or based on a percentage of assets. We provide a detailed, transparent quote before any work begins, with no hidden costs.
Can I continue trading while my company is being liquidated?
Once a liquidation order is made or a CVL is approved, the liquidator takes control of the company, and directors lose their powers to trade. However, before that point, you may continue trading if it helps preserve value, but you must not take on new credit or dispose of assets without the liquidator's consent. In an MVL, trading ceases once the winding-up resolution is passed.
What are the legal obligations of directors when a company is insolvent?
Directors have a legal duty to act in the best interests of creditors when a company is insolvent. This includes avoiding wrongful trading (continuing to trade while knowing the company cannot avoid insolvency) and not making preferential payments to certain creditors. Failing to comply can result in personal liability, disqualification, or even criminal prosecution. Seeking professional advice early is crucial.
How long does the liquidation process take in Brookmans Park?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realization and creditor claims. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months if the company is straightforward. Compulsory liquidation through the court may take longer due to legal proceedings.
Will I be personally liable for company debts after liquidation?
In most cases, no. Once a company is liquidated, its debts are written off, and directors are not personally liable unless they have given personal guarantees, acted fraudulently, or been involved in wrongful trading. Personal guarantees from directors for business loans or leases will still be enforceable by creditors. Our team can help you understand your exposure and options.
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