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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 and shareholders, and a licensed insolvency practitioner is appointed to wind up the company's affairs, sell assets, and distribute funds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies where shareholders wish to close the business, often for tax efficiency. In an MVL, the company can pay all its debts in full, and any remaining assets are distributed to shareholders. The process is different in terms of requirements, documentation, and the role of the insolvency practitioner.
How long does the company liquidation process take in Chelsea?
The duration of a liquidation depends on the complexity of the company's affairs. A straightforward Creditors' Voluntary Liquidation (CVL) can often be completed within 6 to 12 months, though the legal process of dissolving the company may take longer. A Members' Voluntary Liquidation (MVL) can sometimes be concluded faster if there are no complications. Our team at Company Liquidators in Chelsea will provide a realistic timeline after a thorough review of your company's financial records and liabilities.
What are the legal responsibilities of directors during a company liquidation?
Directors have a duty to act in the best interests of creditors once the company becomes insolvent. This includes avoiding wrongful trading, keeping accurate financial records, and cooperating fully with the appointed liquidator. During liquidation, directors must provide all necessary information, attend meetings if required, and ensure that no preferential payments are made to certain creditors. Our experts will guide you through every obligation to minimise personal risk and ensure compliance with the Insolvency Act 1986.
Can I continue trading after my company has entered liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the business and its assets. The company ceases to trade, and the liquidator's role is to realise assets, settle liabilities, and wind up the company. However, directors are not personally prohibited from starting a new business, subject to certain restrictions and the rules regarding the reuse of the company name (often referred to as 'phoenix trading'). We can advise you on the legalities of starting fresh after liquidation.
How much does it cost to appoint a company liquidator in Chelsea?
The cost of liquidation varies based on the size of the company, the complexity of its financial affairs, and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees are typically paid from the company's assets, but in some cases, directors may need to contribute if assets are insufficient. Our fees are transparent and agreed upon upfront, with no hidden charges. We offer a free initial consultation to provide an accurate quote based on your specific circumstances.
What happens to employees when a company is liquidated?
When a company enters liquidation, all employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, notice pay, and any unpaid wages or holiday pay, which may be claimed from the National Insurance Fund if the company's assets are insufficient. Our team will handle all employee-related matters with sensitivity and ensure that all legal entitlements are processed correctly.
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