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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 for insolvent companies where the directors cannot pay debts as they fall due. The process involves appointing a licensed insolvency practitioner to sell assets and distribute proceeds to creditors, after which the company is dissolved. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, allowing shareholders to extract retained profits as capital rather than income, which can be more tax-efficient. In an MVL, directors must make a statutory declaration of solvency, and the process is typically faster and less formal than a CVL.
How much do company liquidators in Caterham charge for their services?
Fees for company liquidation vary depending on the complexity of the case, the size of the company, and the type of liquidation required. For a CVL, fees are often based on a fixed fee plus a percentage of asset realisations, or a time-based charge. In Caterham, our firm offers transparent pricing with no hidden costs. We provide a detailed fee quote after an initial free consultation, so you know exactly what to expect before proceeding. For MVLs, fees are usually fixed and agreed upfront, as the process is more straightforward.
Can I continue trading while my company is in liquidation?
Once a company enters formal liquidation, the appointed liquidator takes control of the business and its assets. Directors lose their powers to trade or make decisions without the liquidator's consent. However, in certain circumstances, the liquidator may allow the company to continue trading for a short period to complete existing contracts or sell the business as a going concern, which can maximise value for creditors. This is decided on a case-by-case basis, and the liquidator will always act in the best interests of all parties involved.
What are the legal obligations of directors when their company is insolvent?
Directors have a legal duty to act in the best interests of creditors once the company becomes insolvent. This means they must not take on new credit knowing the company cannot repay it, and they must avoid wrongful trading, which occurs when they continue trading without reasonable prospect of avoiding insolvency. Directors should seek professional advice immediately if they suspect insolvency. Failing to act can lead to personal liability for company debts, disqualification as a director, or even criminal prosecution in severe cases.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if the company is incorporated as a limited liability entity. Once the liquidation process is complete and the company is dissolved, any remaining debts are written off. However, personal liability can arise if you have given personal guarantees for business loans or leases, or if you have engaged in fraudulent or wrongful trading. Our liquidators will review your situation to identify any potential risks and advise you on how to minimise exposure before proceeding.
How long does the liquidation process take in Caterham?
The duration of a liquidation depends on the complexity of the company's affairs. A simple CVL typically takes between 6 and 12 months to complete, including the initial meeting of creditors, asset realisation, and final distribution. An MVL can be completed in as little as 3 to 6 months, provided all statutory requirements are met. Delays can occur if there are disputes with creditors, complex asset valuations, or ongoing legal matters. Your liquidator will provide a realistic timeline at the outset and keep you informed throughout the process.
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