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Frequently asked questions
What is a Creditors' Voluntary Liquidation (CVL) in Dereham?
A Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. In Dereham, our licensed liquidators convene a meeting of shareholders and creditors, where a resolution is passed to wind up the company. A liquidator is then appointed to take control of assets, investigate affairs, and distribute funds to creditors in the legally prescribed order. This process protects directors from personal liability for company debts, provided they have acted in good faith and complied with their duties.
How much does it cost to appoint a company liquidator in Dereham?
The cost of liquidation in Dereham varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Our fees are typically based on a fixed fee or an hourly rate, but we always provide a clear, written quotation before any work begins. For a straightforward CVL with minimal assets, fees may start from around £4,000 plus VAT, but we will confirm the exact cost after an initial review. We are committed to transparent pricing with no hidden charges.
What are the duties of a liquidator during a company closure?
A liquidator's primary duties are to act in the best interests of creditors while ensuring legal compliance. Specifically, they will realise and sell company assets, investigate the directors' conduct and the reasons for insolvency, settle preferential debts such as employee wages and pension contributions, negotiate with secured and unsecured creditors, and distribute any remaining funds according to statutory priority. They also prepare final accounts and notify Companies House for dissolution, ensuring the company is formally struck off the register.
Can I continue trading if my company is in financial trouble in Dereham?
Yes, you can continue trading while insolvent, but you must act with extreme caution. Directors have a legal duty to avoid wrongful trading, which means they cannot continue incurring credit if they know there is no reasonable prospect of avoiding liquidation. If you are uncertain, our insolvency practitioners in Dereham can provide urgent advice on your options, including restructuring, negotiating payment plans, or entering a formal procedure. Acting early can protect you from personal liability and maximise returns for creditors.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of the company, who pass a resolution to wind up voluntarily. It is a proactive, controlled process. In contrast, a compulsory liquidation is a court-ordered procedure, usually triggered by a creditor petition, such as HMRC or a supplier. Compulsory liquidation removes control from directors and can be more costly and damaging to reputation. If your company is insolvent, opting for a CVL is often the preferred route to preserve control and minimise adverse effects.
Will I be personally liable for company debts after liquidation in Dereham?
Generally, no. As a director of a limited company, you are not personally liable for company debts unless you have given personal guarantees, such as for a business loan or lease, or if you have engaged in fraudulent or wrongful trading. Our liquidators will review your conduct and any guarantees. If personal guarantees exist, you may still be pursued by creditors, but we can negotiate settlements or advise on options like an Individual Voluntary Arrangement (IVA) to manage that debt. We will always provide honest guidance on your exposure.
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