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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts as they fall due. The directors initiate the process, and a licensed insolvency practitioner is appointed to liquidate assets and distribute proceeds to creditors. Members Voluntary Liquidation (MVL) is for solvent companies where the directors can declare solvency and the company has enough assets to pay all debts in full, typically used for tax-efficient distribution of retained profits to shareholders. The choice depends on your company's financial position.
How much does company liquidation cost in Dover?
The cost of liquidation in Dover varies depending on the complexity of the case, the size of the company, and the number of creditors. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for more complex situations. Members Voluntary Liquidation fees are often lower, starting around £2,500. We provide a fixed-fee quote after an initial free consultation, so you know exactly what to expect with no hidden charges.
How long does the liquidation process take?
A Creditors Voluntary Liquidation (CVL) usually takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation (MVL) can be faster, often completed within 3 to 6 months. Compulsory liquidation, which is court-ordered, may take longer. Our team works diligently to expedite the process while ensuring all legal requirements are met.
Can I continue trading after my company enters liquidation?
Once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and directors' powers cease. You cannot continue trading in the company's name except in very limited circumstances where the liquidator authorises it to complete contracts or preserve asset value. If you wish to continue operating the same type of business, you may consider buying the assets from the liquidator, but you must not use the same company name or a similar name without court permission or following the 'phoenix' rules.
What are the legal duties of directors during liquidation?
Directors have a legal duty to act in the best interests of creditors once the company becomes insolvent. This includes providing full and accurate information to the liquidator, cooperating with investigations, and not making preferential payments to certain creditors. Directors must also avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvent liquidation. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and have not given personal guarantees. However, personal liability can arise if you have given a personal guarantee for a business loan or lease, or if you have engaged in fraudulent or wrongful trading, misappropriated company assets, or made illegal dividend payments. Our liquidators will advise you on your specific exposure and help you mitigate risks.
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