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Frequently asked questions
What are the main types of company liquidation available in Dial Post?
The main types are creditors voluntary liquidation (CVL) for insolvent companies, members voluntary liquidation (MVL) for solvent companies, and compulsory liquidation which is court-ordered following a winding-up petition. Our licensed insolvency practitioners in Dial Post can assess your situation and recommend the most suitable route.
How much do company liquidators in Dial Post charge for their services?
Liquidation costs vary based on the complexity of the case, company size, and asset structure. Typically, fees are based on time spent or a fixed fee agreed upfront. We provide transparent quotations before commencing any work, ensuring there are no hidden costs. Contact us for a detailed fee proposal tailored to your company.
Can directors of a Dial Post company face personal liability during liquidation?
Directors can face personal liability if they have acted wrongfully, traded while insolvent, or breached fiduciary duties. However, by engaging licensed liquidators early and cooperating fully, you can mitigate risks. We provide guidance on director conduct and help you prepare necessary documentation to protect your position.
What is the process for a creditors voluntary liquidation (CVL) in Dial Post?
The process involves a board meeting to pass a resolution for winding up, followed by a creditors' meeting where a liquidator is appointed. The liquidator then takes control of assets, notifies creditors, investigates affairs, and distributes proceeds. Our team manages every step, ensuring compliance with the Insolvency Act 1986.
How long does a typical company liquidation take in Dial Post?
A straightforward CVL may take between 6 to 12 months to complete, depending on asset realisation and creditor claims. More complex cases with investigations or legal challenges can extend longer. We provide realistic timelines after an initial review and keep you updated throughout the process.
Can a company in Dial Post continue trading during liquidation?
In a CVL, trading ceases immediately upon the resolution to wind up, except for actions necessary for beneficial realisation of assets. In administration, trading may continue under the administrator's control. Our experts advise on the best approach to maximise value and minimise legal risks.
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