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Frequently asked questions
What is the difference between a CVL and an MVL in Driffield?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. It is initiated by the directors and involves appointing a liquidator to sell assets and distribute proceeds to creditors. A Members Voluntary Liquidation (MVL) is for a solvent company, where directors declare solvency and the liquidator distributes surplus assets to shareholders, often used for tax planning purposes.
How much does company liquidation cost in Driffield?
The cost of liquidation varies depending on the complexity of your case, the size of your company, and the number of creditors. Typically, fees range from £3,000 to £7,000 plus VAT for a straightforward CVL. We provide a fixed-fee quote after an initial free consultation, ensuring no hidden costs. For MVLs, fees may be higher due to additional tax planning work, but we always offer transparent pricing.
Can I continue trading after appointing a liquidator?
No. Once a liquidator is appointed, they take control of the company from the directors. Your powers as a director cease, and you cannot make decisions about the company's assets or operations without the liquidator's approval. The liquidator's role is to wind down the business, sell assets, and settle debts. However, you may be asked to assist with providing information and handing over records.
What are the legal responsibilities of directors during liquidation in Driffield?
Directors must cooperate fully with the liquidator, providing all company records, accounts, and financial information. They must not dispose of any assets or conceal debts. Directors are also required to complete a Statement of Affairs, detailing the company's financial position. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our advisors guide you through these duties to ensure full compliance.
How long does the liquidation process take in Driffield?
A typical Creditors Voluntary Liquidation (CVL) takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members Voluntary Liquidation (MVL) can be completed in as little as 3 to 6 months. The process involves a creditors' meeting, asset valuation, and final distribution, after which the company is struck off the Companies House register.
Will I be personally liable for company debts after liquidation?
In most cases, no. The primary benefit of a CVL is that it provides a legal shield against personal liability for company debts, provided you have not given personal guarantees or acted wrongfully. However, if you have given personal guarantees for business loans or leases, creditors can pursue you personally. Our advisors review your guarantees and help you understand your exposure before proceeding.
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