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Frequently asked questions
What is the role of a company liquidator in Chorley?
A company liquidator in Chorley is a licensed insolvency practitioner who takes control of a company that is insolvent or closing down. Their role includes selling company assets, settling creditor claims in the correct statutory order, investigating the company's affairs, and ensuring that all legal requirements are met. They also communicate with creditors, employees, and other stakeholders throughout the process, and they work to achieve the best possible return for creditors while helping directors understand their duties and potential liabilities.
When should a director consider appointing a liquidator?
A director should consider appointing a liquidator when the company is unable to pay its debts as they fall due, when liabilities exceed assets, or when the company has received a statutory demand or a winding-up petition from a creditor. Additionally, if you are considering closing a solvent company but have outstanding loans or liabilities, a liquidator can ensure proper closure. It is crucial to seek advice early, as continuing to trade while insolvent can lead to personal liability for wrongful trading.
What is a creditors voluntary liquidation (CVL)?
A creditors voluntary liquidation (CVL) is a formal insolvency procedure initiated by the directors and shareholders of a company that is insolvent. The directors call a meeting of shareholders to pass a resolution to wind up the company, and then a meeting of creditors is held to confirm the appointment of a licensed liquidator. The liquidator then takes control of the company's assets, realises them, and distributes the proceeds to creditors in the order of priority set out insolvency law. A CVL allows the company to be closed without the need for a court order.
How much does it cost to appoint a company liquidator in Chorley?
The cost of appointing a company liquidator in Chorley varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. Most insolvency practitioners charge a fixed fee for a standard CVL, which typically ranges from £3,000 to £6,000 plus VAT, but this can be higher if there are complex issues. The fee is usually paid from the company's assets, but if there are insufficient assets, directors may need to fund the process personally. Always request a detailed quote before proceeding.
What happens to employees when a company goes into liquidation?
When a company goes into liquidation, all employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay, which may be claimed from the National Insurance Fund if the company cannot pay. Employees should also make claims for any outstanding payments through the Redundancy Payments Service. The liquidator will provide guidance on the process.
Can a director be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law and have not given personal guarantees. However, personal liability can arise if a director has traded while insolvent (wrongful trading), acted fraudulently, misused company funds, or entered into transactions to defraud creditors. The liquidator can apply to the court for a disqualification order or compensation order against such directors. Personal guarantees on loans or leases also make directors personally liable for those specific debts.
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