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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 but is controlled by creditors. A Members Voluntary Liquidation (MVL) is used when a company is solvent but directors wish to close it down, often for tax efficiency. In an MVL, the directors make a statutory declaration of solvency, and the process is managed by a licensed insolvency practitioner.
How much does it cost to appoint a company liquidator in Cheam?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For Creditors Voluntary Liquidations, fees are often based on a percentage of asset realisations or a fixed fee agreed in advance. In many cases, we can offer no upfront fees if there are sufficient assets to cover costs. For a tailored quote, contact our Cheam office for a free consultation.
What are the legal responsibilities of directors during a liquidation process?
Directors have a duty to act in the best interests of creditors once a company becomes insolvent. They must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can result in personal liability or disqualification. Our liquidators in Cheam guide directors through these duties to ensure full compliance.
Can I continue to trade my company while it is in liquidation?
No, once a liquidation order is made or a resolution is passed to wind up the company, trading must cease immediately. The liquidator takes control of the company's affairs to realise assets and distribute funds to creditors. If you are considering liquidation, we recommend stopping trading as soon as the decision is made to avoid any potential claims of wrongful trading.
What happens to employees if my company goes into liquidation in Cheam?
Employees are automatically made redundant when a company enters liquidation. The liquidator will assist in calculating statutory redundancy payments and will guide employees on making claims to the Redundancy Payments Service for any unpaid wages, holiday pay, or notice pay. Our team ensures that employee rights are protected and claims are processed correctly.
How long does the liquidation process take in Cheam?
The length of time depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation can be completed in as little as 6 to 12 months, but cases with complex asset realisations or legal issues may take longer. Members Voluntary Liquidations typically take around 12 months to allow for tax clearances. Your liquidator will provide a timeline based on your specific circumstances.
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