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HUBBLE ACCOUNTANCY LTD
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Williamslester Brilliant Accounting Services
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Raven Solution
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Modus Accountants Limited
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ADD- WORTH ACCOUNTANCY LTD
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Pharmatax
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Business Partners Accountants & Bookkeepers
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Matrix Accountancy Services
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Frequently asked questions
What is the role of a company liquidator in Chippenham?
A company liquidator in Chippenham is a licensed insolvency practitioner who manages the formal closure of a company. Their role includes realising assets, settling creditor claims, investigating director conduct, and ensuring legal compliance. For insolvent companies, they oversee a Creditors Voluntary Liquidation (CVL); for solvent companies, they conduct a Members Voluntary Liquidation (MVL). They also handle statutory filings with Companies House and HMRC, and communicate with all stakeholders throughout the process.
How much does company liquidation cost in Chippenham?
The cost of company liquidation in Chippenham varies based on complexity, but most CVLs range from £3,000 to £6,000 plus VAT. Our firm offers fixed-fee packages starting from £3,500 for a standard CVL, which includes all statutory costs, disbursements, and IP fees. MVL costs are typically lower, starting from £2,500. Always request a detailed quote upfront to avoid hidden charges. We provide transparent pricing with no additional fees for standard cases.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It protects directors from wrongful trading claims and allows assets to be distributed fairly among creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close the business, often for retirement or restructuring. MVLs offer tax efficiencies, such as capital gains treatment on distributions, whereas CVLs do not.
Can I continue trading after appointing a liquidator in Chippenham?
No, once a liquidator is appointed, the company's powers to trade cease. The liquidator takes control of the company's affairs, and any trading without their consent could lead to personal liability for directors. In a CVL, the liquidator may continue trading temporarily to complete work-in-progress or sell assets at the best price, but only under their supervision. Directors must not incur new debts after liquidation begins.
What are the legal duties of directors when liquidating a company in Chippenham?
Directors must act in the best interests of creditors once insolvency is likely, avoid wrongful trading, and provide full disclosure of company records to the liquidator. They must also cooperate with investigations into their conduct, which can include reviewing transactions at undervalue or preferences. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our Chippenham liquidators guide you through these duties to ensure compliance.
How long does a company liquidation take in Chippenham?
A Creditors Voluntary Liquidation typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. The process includes a statutory period for creditor objections, asset disposal, and final account filing. Delays can occur if there are complex assets, litigation, or incomplete records. Our Chippenham team works efficiently to minimise timelines.
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