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Frequently asked questions
What is the difference between a creditors' voluntary liquidation and a members' voluntary liquidation?
A members' voluntary liquidation (MVL) is used for solvent companies where directors can declare solvency, and shareholders approve the winding up. A creditors' voluntary liquidation (CVL) is for insolvent companies, where creditors are involved in the process and a meeting is held to approve the liquidation. In a CVL, an insolvency practitioner is appointed to manage the process, while in an MVL, the process is simpler and often tax-efficient for distributing assets.
How much does it cost to appoint a company liquidator in Chiswick?
The cost of liquidation varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £3,000 to £7,000 plus VAT for a straightforward CVL. We provide a fixed-fee quote after an initial free consultation, ensuring no hidden costs. Our fees are often paid from company assets, and in some cases, the director may need to contribute if assets are insufficient.
Can a director avoid personal liability during liquidation?
Yes, directors can avoid personal liability if they have acted in good faith and fulfilled their statutory duties. However, if there is evidence of wrongful trading, fraudulent activity, or misuse of company funds, liquidators may pursue directors personally. Our role is to ensure compliance and protect directors from such claims by providing proper guidance on your responsibilities and actions leading up to liquidation.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically made redundant. The liquidator is responsible for notifying employees and handling their claims for unpaid wages, holiday pay, and redundancy payments. These claims are paid from company assets, but if funds are insufficient, employees may claim from the National Insurance Fund. We ensure that all employee entitlements are processed correctly and promptly.
How long does the liquidation process take in Chiswick?
The duration of liquidation depends on the complexity of the case. A simple creditors' voluntary liquidation can be completed in 6 to 12 months, but more complex cases with asset realisation or legal disputes may take longer. The initial meeting with creditors is usually held within a few weeks of instruction. We keep you informed at every stage and aim to conclude matters as efficiently as possible.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company, and directors cease to have authority. The liquidator's role is to wind down operations, sell assets, and distribute funds to creditors. Trading is not permitted unless the liquidator decides it is necessary to preserve asset value or complete contracts. We advise directors to stop trading immediately when insolvency is confirmed to avoid wrongful trading claims.
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