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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Compulsory Liquidation in Eastbourne?
A Creditors Voluntary Liquidation (CVL) is a voluntary procedure initiated by the company's directors and shareholders when the company is insolvent. The directors appoint a licensed insolvency practitioner to wind up the company, and creditors are then invited to a meeting to approve the liquidation. Compulsory Liquidation is a court-ordered process, typically initiated by a creditor who petitions the court for a winding-up order because the company has failed to pay its debts. CVL gives directors more control and can be less damaging than a compulsory order, which often follows a statutory demand or a county court judgment.
How much do company liquidation services cost in Eastbourne?
The cost of company liquidation in Eastbourne varies based on the complexity of the case, the size of the company, and the number of assets and creditors. For a Creditors Voluntary Liquidation (CVL), typical fees range from £3,000 to £6,000 plus VAT, but this can be higher if the company has complex affairs or multiple properties. Many insolvency practitioners offer a fixed fee or a payment plan. It is essential to obtain a detailed written quote before proceeding. Members Voluntary Liquidation (MVL) for solvent companies often costs between £1,500 and £4,000. Always confirm that the practitioner is licensed and provides a transparent breakdown of fees.
Can I keep trading if my company is in liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and the directors' powers cease. You cannot continue trading or make any payments to creditors or shareholders without the liquidator's permission. The liquidator's role is to realise assets, settle claims, and distribute any remaining funds to creditors in a statutory order. If you are considering liquidation, you should stop trading immediately once the decision is made, to avoid personal liability for wrongful trading. However, before liquidation, you may be able to trade while insolvent if you seek professional advice and act in the best interests of creditors.
What happens to employees when a company is liquidated in Eastbourne?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, unpaid wages, holiday pay, and pension contributions. These claims are preferential and are paid from the company's assets or, if insufficient, through the Redundancy Payments Service (RPS). Employees should contact the liquidator immediately to submit their claims. The liquidator will provide the necessary forms (RP1, RP2, and RP3) to claim from the National Insurance Fund if the company cannot pay.
What is the process for a Members Voluntary Liquidation (MVL) for a solvent company in Eastbourne?
A Members Voluntary Liquidation (MVL) is used for solvent companies that wish to close voluntarily, often for tax efficiency when extracting retained profits as capital rather than dividends. The process involves the directors making a statutory declaration of solvency, confirming the company can pay its debts in full within a specified period (usually 12 months). Shareholders then pass a special resolution to wind up the company, and a licensed insolvency practitioner is appointed as liquidator. The liquidator realises assets, settles all liabilities, and distributes the remaining funds to shareholders. After completion, the company is dissolved and removed from the Companies House register. MVL is also beneficial for accessing Entrepreneurs' Relief (now Business Asset Disposal Relief) on capital distributions.
Can I be held personally liable for company debts if I liquidate my Eastbourne company?
In most cases, directors of a limited company are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given a personal guarantee for a business loan, overdraft, or lease. Additionally, if you have traded wrongfully (continuing to trade while knowing the company cannot avoid insolvency) or fraudulently, a court may order you to contribute to the company's assets. Directors can also be liable for unpaid taxes such as VAT or PAYE if they have been collected but not paid over. Seeking early professional advice from a licensed insolvency practitioner can help you avoid these risks and comply with your duties.
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