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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of a company when they conclude that the business is insolvent and cannot continue trading. It is a voluntary process where a licensed insolvency practitioner is appointed to wind up the company's affairs, sell assets, and distribute funds to creditors. In contrast, compulsory liquidation is a court-ordered process, usually initiated by a creditor who petitions the court to wind up the company because debts are unpaid. A CVL gives directors more control over the timing and choice of liquidator, whereas compulsory liquidation removes that control and can lead to a more costly and adversarial process.
Can I continue trading if my company is insolvent?
No, if your company is insolvent, meaning it cannot pay its debts as they fall due, you should stop trading immediately unless you have taken professional advice and are following a formal insolvency procedure such as administration or a CVA. Continuing to trade while insolvent can lead to personal liability for wrongful trading under the Insolvency Act 1986. Directors may be required to contribute to company assets if they knew or ought to have known that there was no reasonable prospect of avoiding insolvent liquidation. Our liquidators in Copthorne can help you assess your position and act quickly to protect yourself and creditors.
What are the costs involved in liquidating a company in Copthorne?
The costs of liquidation vary depending on the complexity of your company's affairs, the number of assets, and the level of creditor claims. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can be higher if there are complex issues such as litigation or asset recovery. In many cases, the liquidator's fees are paid from the company's assets, but if there are no assets, directors may need to fund the process personally. We provide a free initial consultation and a fixed-fee quote before you commit, ensuring no hidden surprises. Contact us to discuss your specific situation and get an accurate cost estimate.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from their roles. The liquidator takes control of the company's assets and is responsible for handling employee claims, including unpaid wages, holiday pay, and redundancy pay. Employees may be able to claim certain statutory payments from the National Insurance Fund, such as statutory redundancy pay and unpaid wages up to statutory limits, but these claims are processed through the Redundancy Payments Service. The liquidator will provide employees with the necessary forms (RP1, RP2, etc.) and guidance. We can also advise directors who are also employees on their entitlements, which may be limited depending on their shareholding.
Can a company be liquidated if it has no assets?
Yes, a company can be liquidated even if it has no assets. This is often referred to as a 'no asset liquidation' or a 'pre-pack' scenario. In such cases, a Creditors' Voluntary Liquidation (CVL) can still be initiated, but the liquidator's fees may need to be funded by the directors or shareholders, as there are no company assets to cover costs. Alternatively, if the company is not insolvent and has no assets, it may be possible to apply for a strike-off from the Companies House register, which is a cheaper and simpler process. However, strike-off does not resolve creditor claims and is not suitable if the company has significant debts. Our team can advise on the most appropriate route based on your specific circumstances.
What is a Company Voluntary Arrangement (CVA) and how does it help?
A Company Voluntary Arrangement (CVA) is a formal insolvency procedure that allows a company to reach a legally binding agreement with its creditors to repay a proportion of its debts over a fixed period, typically three to five years. During the CVA, the company continues to trade under the supervision of a licensed insolvency practitioner, who acts as a nominee and supervisor. The CVA provides protection from creditor enforcement actions, such as winding-up petitions, as long as the terms are adhered to. This can be an excellent alternative to liquidation for viable businesses that are facing temporary financial difficulties. We assess whether a CVA is feasible and help you propose a plan that creditors will accept.
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