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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors believe the business cannot pay its debts. The process involves a meeting of shareholders and creditors, and a licensed insolvency practitioner is appointed to liquidate assets and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where the directors and shareholders decide to close the business voluntarily, often for retirement or restructuring. In an MVL, the company must declare solvency, and any surplus assets are distributed to shareholders, often with tax advantages.
How much do company liquidators in Carshalton charge for their services?
The cost of company liquidation in Carshalton varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, and often include all statutory costs. For a Members Voluntary Liquidation (MVL), fees are usually higher, starting around £2,500, due to the additional tax planning involved. Our firm offers fixed-fee packages with no hidden charges, and we provide a detailed quote after a free initial consultation.
Can I continue trading after appointing a liquidator?
No, once a liquidator is formally appointed, the company ceases to trade, and the liquidator takes control of the company's affairs. The directors' powers are suspended, and they cannot make decisions about the company without the liquidator's approval. However, the liquidator may continue trading for a short period to complete work in progress or sell assets to achieve a better return for creditors. If you wish to continue trading, you should explore alternatives like administration or a company voluntary arrangement (CVA) before entering liquidation.
What are the legal duties of directors during liquidation?
During liquidation, directors have a duty to cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions that occurred before liquidation. They must not hide assets or prefer certain creditors over others. Directors also have a responsibility to avoid wrongful trading, meaning they must not continue trading when they know the company cannot avoid insolvency. Failure to comply with these duties can lead to personal liability, disqualification as a director, or even criminal prosecution in severe cases.
How long does the company liquidation process take in Carshalton?
The duration of a company liquidation depends on the complexity of the case. A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, but simple cases can be finalised in as little as 3 months. A Members Voluntary Liquidation (MVL) often takes 6 to 9 months, as it involves tax clearance from HMRC. The process includes asset realisation, creditor claims, and final distribution. Our team works efficiently to close the company as quickly as possible while ensuring full compliance with insolvency law.
Can I claim redundancy if my company goes into liquidation?
Yes, if you are a director and an employee of your company, you may be eligible to claim redundancy pay and other statutory entitlements from the National Insurance Fund if the company becomes insolvent and enters liquidation. This includes statutory redundancy pay, unpaid wages, holiday pay, and notice pay, subject to statutory limits. Our liquidators will provide you with the necessary form (RP1) and guide you through the claims process to ensure you receive all the funds you are entitled to.
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