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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 as they fall due. 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 directors and shareholders wish to close the business voluntarily, often for retirement or restructuring purposes. In an MVL, a declaration of solvency is made, and the process is typically more straightforward and tax-efficient.
How much does it cost to liquidate a company in Buckhurst?
The cost of liquidating a company varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a simple Members Voluntary Liquidation (MVL), fees may range from £1,500 to £3,000 plus VAT. For a Creditors Voluntary Liquidation (CVL), costs are often based on the value of the company's assets and the amount of work involved. We always provide a clear, fixed-fee quote upfront with no hidden charges, so you know exactly what to expect.
What are the responsibilities of directors during a company liquidation?
Directors have a duty to act in the best interests of creditors once the company becomes insolvent. During liquidation, they must cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions that occurred in the months leading up to the liquidation. Directors must also attend meetings if required and answer questions about the company's affairs. Failure to comply can lead to personal liability, disqualification, or even prosecution.
Can I continue to trade after my company has entered liquidation?
Once a company enters liquidation, the liquidator takes control of the business and its assets. Directors no longer have authority to trade on behalf of the company. However, in certain circumstances, the liquidator may allow trading to continue for a short period to complete work in progress or sell assets as a going concern. This is decided on a case-by-case basis and is subject to the liquidator's approval.
What happens to employees when a company is liquidated?
When a company enters liquidation, employees are automatically made redundant from the date the liquidation order is made. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, notice pay, and any outstanding wages or holiday pay. These payments may be claimed from the National Insurance Fund if the company does not have sufficient assets to cover them. The liquidator will provide employees with the necessary forms to make such claims.
How long does the company liquidation process take in Buckhurst?
The duration of a liquidation depends on the type and complexity. A Members Voluntary Liquidation (MVL) can often be completed within 6 to 12 months, as the liquidator must wait for the statutory period for creditors to make claims before final dissolution. A Creditors Voluntary Liquidation (CVL) typically takes longer, often 12 to 18 months, because the liquidator needs to investigate the company's affairs, realize assets, and deal with creditor claims. However, the initial court or creditor meetings usually occur within a few weeks of instruction.
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