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Frequently asked questions
What is the difference between a liquidator and an administrator in Cromer?
A liquidator is appointed to wind up a company's affairs, sell its assets, and distribute the proceeds to creditors before the company is dissolved. An administrator is appointed to try and rescue the company as a going concern, or to achieve a better result for creditors than immediate liquidation. In Cromer, we can advise on which process is most suitable for your specific financial situation, as administration is often used when there is a viable business to save, while liquidation is for when the company has reached the end of its life.
How much does it cost to appoint a company liquidator in Cromer?
The cost of a Creditors Voluntary Liquidation (CVL) in Cromer typically ranges from £4,000 to £8,000 plus VAT and disbursements, depending on the complexity of the case and the size of the company. The fee is usually paid from the company's assets, but if there are insufficient assets, the directors may need to fund the process personally. We provide a fixed-fee quote after an initial free assessment, ensuring there are no hidden costs or surprises.
Can I continue to trade if my company is insolvent in Cromer?
Trading while insolvent can lead to personal liability for directors if they create further debts without a reasonable prospect of repayment. This is known as wrongful trading. In Cromer, we strongly advise directors to seek professional advice immediately if they suspect insolvency. If you continue to trade, you must do so with the intention of preserving asset value or completing a specific contract, but we recommend a formal insolvency procedure like CVL to protect you from legal repercussions.
What happens to the company's employees during liquidation in Cromer?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidator's appointment. The liquidator is responsible for calculating statutory redundancy pay, notice pay, and accrued holiday pay. Employees can claim these amounts from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot pay. Our team in Cromer guides employees through this process and helps them submit their claims correctly to ensure they receive all their entitlements.
How long does a compulsory liquidation take in Cromer?
A compulsory liquidation, which is ordered by the court, typically takes longer than a voluntary process. The court hearing itself can take several weeks to schedule, and the entire process from petition to dissolution usually takes between 6 to 12 months. However, the liquidator's investigation and asset realisation may extend this timeline. In Cromer, we can help you understand the specific timeline for your case and whether a compulsory order is avoidable by proposing a voluntary arrangement.
What are the legal duties of a director during liquidation in Cromer?
Directors have a legal duty to cooperate fully with the liquidator, providing all company books, records, and accounts. They must also attend interviews with the liquidator if requested. Directors must not hide assets or destroy records, as this can lead to criminal prosecution. In Cromer, our licensed insolvency practitioners will guide you through your duties, ensuring you comply with the Insolvency Act 1986 and avoid any penalties, including disqualification from acting as a director for up to 15 years.
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