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Frequently asked questions
What is the difference between a CVL and an MVL in Edgware?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies where directors cannot pay debts, and it involves appointing a liquidator to sell assets and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used by directors to close a business and extract retained profits as capital gains, which is often more tax-efficient than dividends. Our Edgware liquidators can advise which route is suitable based on your company's solvency status.
How much does it cost to liquidate a company in Edgware?
Costs vary depending on the complexity of the liquidation, the number of creditors, and the assets involved. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages and payment instalments. Members Voluntary Liquidations often have lower costs, starting around £2,500. We provide a detailed quote after a free initial assessment, ensuring no hidden charges.
Can directors of an insolvent company in Edgware face personal liability?
Yes, directors can face personal liability for wrongful trading, fraudulent trading, or misfeasance if they continue trading while insolvent and worsen creditor losses. However, by acting promptly and appointing a licensed liquidator through a CVL, you gain protection from such claims, provided you have acted in good faith. Our Edgware liquidators will guide you on your duties and help you avoid personal risk.
What happens to employees when a company in Edgware goes into liquidation?
In a Creditors Voluntary Liquidation, employees are automatically made redundant from the date the liquidation begins. The liquidator is responsible for claiming statutory redundancy pay, unpaid wages, holiday pay, and pension contributions from the National Insurance Fund on behalf of employees. We ensure all employee claims are processed correctly and promptly, providing support and clear communication throughout the process.
How long does a company liquidation take in Edgware?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months if all statutory requirements are met. Our Edgware liquidators work efficiently to close your company as quickly as possible, but complex cases may extend the timeline.
Can I continue trading after my Edgware company enters liquidation?
No, once a company enters liquidation, the liquidator takes control, and trading must cease immediately unless the liquidator decides to continue trading temporarily to sell stock or complete contracts. Directors lose their powers, and any trading without the liquidator's consent could lead to personal liability. Our team will advise on the best course of action during your initial consultation.
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