ACCOTAX - Accountants & Tax Consultants
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KHAWAR & CO LTD
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Coman And Co Ltd
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Frequently asked questions
What is the role of a company liquidator in Faversham?
A company liquidator in Faversham is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their role includes realising company assets, distributing proceeds to creditors in the correct statutory order, investigating the company's financial history, and ensuring compliance with the Insolvency Act 1986. They also handle all necessary paperwork, notify creditors and employees, and provide advice to directors about their duties and potential personal liabilities.
When should a Faversham director consider liquidation?
A director in Faversham should consider liquidation when the company is insolvent, meaning it cannot pay its debts as they fall due. Key signs include persistent creditor pressure, statutory demands, winding-up petitions, or a negative net asset position. Seeking advice early from a licensed liquidator can help you avoid wrongful trading claims and explore alternatives like administration or a company voluntary arrangement (CVA).
What is Creditors Voluntary Liquidation (CVL) and how does it work?
Creditors Voluntary Liquidation (CVL) is a formal insolvency process initiated by directors when a company is insolvent. Directors call a board meeting and then a shareholder meeting to pass a resolution to wind up the company. A licensed insolvency practitioner is appointed as liquidator. The liquidator then takes control of assets, assesses creditor claims, and distributes funds. A meeting of creditors is held to confirm the appointment, but the process is often streamlined with remote voting.
What are the costs of hiring a company liquidator in Faversham?
The cost of liquidation in Faversham varies based on company complexity, asset values, and the number of creditors. Typically, fees range from £3,000 to £7,000 plus VAT for a straightforward CVL. The liquidator's fee is paid from company assets, but if insufficient assets exist, directors may need to fund the process personally. Always request a fixed-fee quote and a breakdown of disbursements before appointing a liquidator.
Can a director face personal liability during liquidation?
Yes, directors can face personal liability if they have acted improperly, such as trading while insolvent (wrongful trading), misusing company funds, or failing to keep proper records. However, if you cooperate fully with the liquidator and provide all necessary information, you can reduce risks. A licensed liquidator will investigate your conduct and report any issues to the Insolvency Service, but most directors who act honestly are not held personally liable.
What is the difference between CVL and MVL for Faversham businesses?
CVL (Creditors Voluntary Liquidation) is for insolvent companies that cannot pay debts. MVL (Members Voluntary Liquidation) is for solvent companies that can pay all debts in full within 12 months. MVL is often used by business owners to extract capital tax-efficiently and close a company voluntarily. The process is faster and less formal, but requires a declaration of solvency from directors. Our Faversham liquidators can advise which route suits your circumstances.
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