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HUBBLE ACCOUNTANCY LTD
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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation and Compulsory Liquidation?
Creditors Voluntary Liquidation (CVL) is a voluntary process initiated by the directors and shareholders of an insolvent company when they decide it cannot continue trading. Compulsory Liquidation is a court-ordered process, usually started by a creditor petitioning the court to wind up the company. In a CVL, directors retain more control and can choose the liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver or a nominated insolvency practitioner.
How much does company liquidation cost in Cowbridge?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can increase if there are complex asset realisations or legal issues. We always provide a fixed fee quotation after a free initial assessment, so you know the exact cost upfront with no hidden charges.
Can directors be held personally liable for company debts in liquidation?
Generally, directors are not personally liable for company debts because a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, traded fraudulently, or engaged in wrongful trading (continuing to trade while knowing the company cannot avoid insolvency). Our experts will review your conduct to identify any risks and advise you on how to mitigate them before starting the liquidation process.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator will assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. As a director, you must provide employee details and contracts to the liquidator so that all claims can be processed correctly.
Is it possible to close a solvent company without going through full liquidation?
Yes, a solvent company can be closed using a Members Voluntary Liquidation (MVL) if it has assets to distribute and the directors can swear a Declaration of Solvency. Alternatively, if the company has no assets and no debts, you may be able to apply for voluntary strike-off from the Companies House register. However, MVL is often more tax-efficient for extracting retained profits, so we recommend seeking professional advice to choose the best route.
How long does the liquidation process take in Cowbridge?
The length of liquidation depends on the type and complexity. A Creditors Voluntary Liquidation typically completes within 6 to 12 months, after which the company is dissolved and removed from the register. A Members Voluntary Liquidation can take as little as 6 months if all assets are realised quickly. Compulsory liquidation may take longer due to court processes. Your liquidator will provide a realistic timeline after assessing your company's situation.
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