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Frequently asked questions
What is the role of a company liquidator in East Molesey?
A company liquidator in East Molesey is a licensed insolvency practitioner who manages the process of winding up a company. Their primary role is to realise the company's assets, settle outstanding debts with creditors in the correct legal order, and distribute any remaining funds to shareholders. They also investigate the directors' conduct, handle all necessary legal filings with Companies House and HMRC, and ensure the company is formally dissolved. Acting as an impartial officer of the court, the liquidator aims to maximise returns to creditors while ensuring compliance with the Insolvency Act 1986.
How much does company liquidation cost in East Molesey?
The cost of company liquidation in East Molesey varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, a Creditors' Voluntary Liquidation (CVL) for a small to medium-sized company can range from £3,000 to £7,000 plus VAT, with fees often paid from company assets. Some liquidators may offer a fixed fee or a contingency-based arrangement, but you should always confirm what is included. We provide transparent, upfront pricing during your free consultation, ensuring there are no hidden costs and that all fees are approved by creditors as part of the process.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and shareholders, and the liquidator works to pay creditors as much as possible from available assets. A Members' Voluntary Liquidation (MVL) is used for solvent companies where directors and shareholders wish to close the business, often for tax efficiency or retirement. In an MVL, the company can pay all its debts in full, and the liquidator distributes surplus assets to shareholders. The process is faster and less complex than a CVL, but still requires a formal declaration of solvency.
Can I continue trading after my company enters liquidation?
No, once a company enters compulsory or voluntary liquidation, the liquidator takes control of the company's affairs. Directors lose their powers to manage the business, and trading must cease immediately unless the liquidator specifically authorises it to complete certain contracts or sell stock. Continuing to trade after liquidation begins could lead to personal liability for debts incurred during that period. However, before liquidation is finalised, you may be able to continue trading under the guidance of an insolvency practitioner if there is a realistic prospect of rescue or a better outcome for creditors, but this must be carefully managed.
What are the legal responsibilities of directors during liquidation?
During liquidation, directors have a legal duty to cooperate fully with the liquidator. This includes providing all company records, financial accounts, and information about assets and liabilities. Directors must also attend interviews if required and disclose any transactions that may be considered preferences or transactions at an undervalue. Failing to cooperate can result in personal liability, disqualification from being a director, or even criminal penalties. Importantly, directors must avoid wrongful trading, which means continuing to trade when they know the company cannot avoid insolvency. Seeking professional advice early helps you fulfil these duties correctly.
How long does the liquidation process take in East Molesey?
The length of a liquidation process in East Molesey depends on the type and complexity. A simple Members' Voluntary Liquidation (MVL) for a solvent company can be completed in as little as 6 to 12 months, as the liquidator must wait for the dissolution period. A Creditors' Voluntary Liquidation (CVL) typically takes longer, often 12 to 18 months, because the liquidator must realise assets, investigate claims, and handle creditor queries. Compulsory liquidations can take several years if there are complex asset recoveries or litigation. Your liquidator will provide a realistic timeline based on your specific circumstances.
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