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Frequently asked questions
What is the difference between a CVL and an MVL in Carshalton?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors but controlled by creditors, and it allows for an orderly winding down of affairs. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors can declare solvency, and it is used to close a business that is no longer needed, often for tax efficiency. Our Carshalton liquidators will assess your financial status and recommend the correct procedure for your circumstances.
How much does company liquidation cost in Carshalton?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets and creditors, and the chosen procedure. For a straightforward CVL, fees typically start from around £4,000 plus VAT, but we always provide a fixed-fee quote after an initial free consultation. MVL costs are often similar but may be higher if there are complex asset distributions. We offer transparent pricing with no hidden charges, and we will discuss all costs upfront so you know exactly what to expect.
Can I continue trading after starting liquidation?
Once a liquidation order is made or a resolution is passed to wind up the company, the powers of the directors cease, and the appointed liquidator takes control. You cannot continue trading in the normal sense. However, the liquidator may allow limited trading to complete contracts or sell stock to maximise asset value. Any trading after liquidation without the liquidator's consent can lead to personal liability for new debts. Our team will guide you on the legal boundaries during this period.
What are the legal duties of directors during liquidation?
Directors have a legal duty to act in the best interests of creditors when insolvency is inevitable. This includes avoiding wrongful trading, not preferring certain creditors, and providing full disclosure of the company's financial records. You must cooperate with the liquidator, deliver all books and records, and attend meetings if required. Failure to comply can result in personal liability, disqualification, or even criminal penalties. We advise directors on fulfilling these duties correctly to protect their position.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and have not given personal guarantees. However, personal liability can arise if you have signed a personal guarantee for a business loan or lease, or if you have engaged in wrongful trading, fraudulent trading, or misappropriated company assets. Our Carshalton liquidators will review your situation and advise you on any potential personal exposure and how to mitigate it.
How long does the liquidation process take in Carshalton?
The duration of a liquidation depends on the complexity of the case. A simple CVL can be completed in as little as 6 to 9 months, while an MVL often takes around 12 months to allow for the distribution of assets and the final dissolution. Cases with complex asset realisations, legal disputes, or incomplete records can take longer. We provide a realistic timeline at the outset and keep you informed of progress throughout the process.
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