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HHR ACCOUNTANCY LTD
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Frequently asked questions
What is the difference between a CVL and an MVL in Fordington?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business and distribute assets. Our licensed practitioners in Fordington will assess your financial position to recommend the correct procedure for your situation.
How much does it cost to appoint a company liquidator in Fordington?
Costs vary based on the complexity of the liquidation, company size, and asset structure. For a CVL, fees are often based on asset realisations and are subject to creditor approval. We offer transparent, fixed-fee options for MVLs. Contact us for a free quote and detailed breakdown with no hidden charges.
Can a company continue trading after liquidation begins in Fordington?
Once a compulsory liquidation order is made, trading must cease immediately. However, in a CVL or MVL, the liquidator may allow limited trading to complete contracts or sell assets for the benefit of creditors. Our team will advise you on the legal boundaries to avoid personal liability.
What are the responsibilities of directors during a company liquidation in Fordington?
Directors must cooperate fully with the liquidator, provide accurate financial records, and disclose all company assets and liabilities. They must not prefer any creditor or transfer assets fraudulently. Failure to comply can lead to personal liability or disqualification. We guide directors through every legal requirement.
How long does the liquidation process take in Fordington?
An MVL can be completed in as little as 6 to 12 months, depending on asset distribution. A CVL typically takes 12 to 18 months due to creditor claims and asset realisation. Simple cases may conclude sooner. Our liquidators work efficiently to minimise delays and keep you informed throughout.
Will I be personally liable for company debts after liquidation in Fordington?
In most cases, no. Limited liability protects directors from company debts, provided there has been no wrongful trading, fraudulent activity, or personal guarantees. Our specialists will review your conduct to ensure compliance. If you have given personal guarantees, those creditors may pursue you separately.
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