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Raven Solution
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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation and a compulsory liquidation in Chepstow?
A Creditors Voluntary Liquidation (CVL) is initiated by the directors when the company is insolvent, and it is a voluntary process that requires a shareholder resolution and a meeting of creditors. A compulsory liquidation is a court-ordered process, usually initiated by a creditor (such as HMRC) through a winding-up petition. In Chepstow, most directors prefer a CVL because it gives them more control, allows them to choose the liquidator, and avoids the stigma and cost of a court order. Compulsory liquidation can lead to director investigations and potential personal liability, so it is always better to act early.
Can a company liquidator in Chepstow help if my business has no assets?
Yes, absolutely. Even if your company has no assets or very limited assets, a licensed liquidator can still handle a Creditors Voluntary Liquidation. In many cases, we can proceed with a 'no-asset CVL' where the liquidator's fees are covered by the redundancy payment scheme (if employees are involved) or by pre-payment from directors. We will assess your situation honestly. If a CVL is not cost-effective, we may recommend a strike-off process, but that leaves debts unpaid and can be challenged by creditors. We always advise on the most compliant route to close your company, protecting you from allegations of wrongful trading.
How much does it cost to appoint a liquidator for a company in Chepstow?
The cost of a Creditors Voluntary Liquidation in Chepstow typically ranges from £3,500 to £7,000 plus VAT, depending on the complexity of the case, the number of creditors, and the assets involved. We provide a fixed-fee quote after a free initial consultation, so you know the exact cost upfront. For a Members Voluntary Liquidation (solvent company), fees are often between £2,500 and £4,000. We do not charge hidden fees, and we will explain how the liquidator's fees are paid—often from company assets or through pre-funded arrangements if assets are insufficient.
What are the legal duties of directors when a company in Chepstow becomes insolvent?
Directors have a legal duty to act in the best interests of creditors once they know the company is insolvent. This means you must avoid taking on new credit, paying off certain creditors preferentially, or disposing of assets at undervalue. You must also keep proper accounting records and not continue trading if there is no reasonable prospect of avoiding liquidation. Failing these duties can lead to wrongful trading claims, director disqualification, or personal liability for company debts. A licensed liquidator in Chepstow can help you understand your obligations and guide you through the process to minimise risk.
Can I continue to trade after my Chepstow company enters liquidation?
No. Once a company enters Creditors Voluntary Liquidation, the liquidator takes control of the company's affairs, and directors' powers cease. You cannot continue to trade, sell assets, or make payments to creditors without the liquidator's approval. However, in some cases, the liquidator may continue trading for a short period to sell stock or complete contracts for the benefit of creditors. If you wish to start a new business, you can do so, but you must use a different company name and avoid 'phoenix' situations where assets are transferred to a connected company without proper valuation and creditor approval.
What happens to employees when a company in Chepstow goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring employees receive their statutory entitlements, including unpaid wages (up to 8 weeks), holiday pay, notice pay, and redundancy pay. These claims are paid by the National Insurance Fund (via the Redundancy Payments Service) and are preferential claims. The liquidator will provide employees with the necessary forms (RP1, RP2, etc.) and guide them through the claims process. We also help employees understand their rights and any potential claims against the company.
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