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Frequently asked questions
What is the difference between a creditors' voluntary liquidation and a members' voluntary liquidation in Farnborough?
A creditors' voluntary liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors but controlled by creditors, with a licensed liquidator selling assets to repay what is owed. A members' voluntary liquidation (MVL) is for solvent companies, where directors swear a declaration of solvency, and the liquidator distributes surplus assets to shareholders before dissolving the company. Both processes require formal resolutions and are overseen by an insolvency practitioner.
How much does it cost to appoint a company liquidator in Farnborough?
Costs vary depending on the complexity of the company's affairs, asset values, and the number of creditors. For a standard CVL, fees typically range from £3,000 to £7,000 plus VAT, often paid from company assets. MVL fees are usually lower, starting around £1,500. We provide a fixed-fee quote after a free initial consultation, ensuring no hidden costs. You can also ask about payment options if the company has no available funds.
Can I continue trading after my company has entered liquidation?
No. Once a liquidation order is made, the liquidator takes control of the company, and directors lose their powers to trade or make decisions. Any trading after liquidation without the liquidator's consent could lead to personal liability for debts incurred. If you wish to continue trading, we can discuss alternatives like administration or a company voluntary arrangement (CVA) before liquidation is finalised.
What happens to employees when a company in Farnborough is liquidated?
In a CVL, the liquidator becomes responsible for dismissing employees. They will calculate statutory redundancy pay, notice pay, and unpaid holiday wages, which are preferential debts. Employees can claim these from the National Insurance Fund if company assets are insufficient. The liquidator also provides necessary documentation for claims. In an MVL, employees are usually transferred or made redundant before the liquidation, with full settlement of all outstanding wages and benefits.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided no wrongful trading, fraudulent activity, or personal guarantees have been signed. If you have given personal guarantees for loans or leases, creditors can pursue you personally. Our liquidators will review your situation to identify any risks and advise on how to mitigate them, including negotiating with guarantor creditors where possible.
How long does the liquidation process take in Farnborough?
A CVL typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months, especially if there are no complex assets. The liquidator must file final accounts with Companies House and hold a final meeting of creditors or members. We aim to expedite the process while ensuring full legal compliance.
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