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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts as they fall due. The directors initiate the process, and a licensed insolvency practitioner is appointed to liquidate the company's assets and distribute the proceeds to creditors. An MVL is used when a company is solvent but the directors wish to close it down, often for tax efficiency reasons. In an MVL, shareholders approve the winding up, and the insolvency practitioner distributes the surplus assets to shareholders after settling all liabilities.
How much does it cost to appoint a company liquidator in Cobham?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the amount of work involved. For a CVL, the liquidator's fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to contribute to cover costs. For an MVL, fees are often agreed as a fixed quote or based on time and complexity. We provide a free initial consultation and a transparent fee proposal before you commit to anything.
What are the legal duties of directors during a company liquidation?
Directors must cooperate fully with the liquidator, providing all relevant books, records, and financial information. They must not dispose of any company assets without the liquidator's consent, and they must avoid preferential payments to certain creditors. Directors also have a duty to act in the best interests of creditors once insolvency is apparent, which means they should not take on new credit or continue trading if they know the company cannot pay its debts. Failure to comply can lead to personal liability for wrongful trading.
Can a company liquidator help if I have personal guarantees on business loans?
Yes, a licensed liquidator can provide advice on how to handle personal guarantees. While liquidation does not automatically remove your liability under personal guarantees, the liquidator can negotiate with lenders on your behalf, potentially agreeing to a reduced settlement or a repayment plan. In some cases, if the guarantee was given within a certain period before insolvency, it may be challenged. Our team will review your specific situation and advise on the best course of action to protect your personal assets as much as possible.
How long does the liquidation process take in Cobham?
The duration of a liquidation depends on the complexity of the case. A straightforward CVL can be completed in as little as 6 to 9 months, but if there are complex asset realisations, legal disputes, or investigations, it may take longer. An MVL is often faster, typically concluding within 3 to 6 months. Your liquidator will provide a timeline at the outset and keep you updated throughout the process.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are made redundant immediately unless the liquidator continues trading temporarily. Employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Insolvency Service). The liquidator will provide each employee with the necessary claim forms (RP1, RP2, etc.) and guide them through the process. Our team ensures that all employee rights are respected and that claims are submitted promptly.
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