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Frequently asked questions
What are the different types of company liquidation in Goole?
In Goole, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and Compulsory Liquidation which is court-ordered. A licensed insolvency practitioner can help determine which applies to your situation.
How much do company liquidators in Goole cost?
Costs vary based on company size, complexity, and asset structure. For a CVL, fees often range from £3,000 to £6,000 plus VAT, but many Goole firms offer fixed fees. MVL costs are typically lower, starting around £1,500. Always request a written quote before proceeding.
Can I keep trading after appointing a liquidator in Goole?
No. Once a liquidator is formally appointed, they take control of the company. Directors' powers cease, and trading stops except for the liquidator's limited purposes, such as selling stock or completing contracts to maximise creditor returns.
What happens to employees when a Goole company goes into liquidation?
Employees are made redundant on the liquidation date. They can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator provides the necessary forms (RP1) and guidance.
Are directors personally liable for company debts in Goole liquidation?
Generally no, if the company is a limited liability entity and directors have acted properly. However, personal liability can arise for wrongful trading, fraudulent trading, or if personal guarantees were signed. A liquidator investigates director conduct and may pursue claims if misconduct is found.
How long does a company liquidation take in Goole?
A CVL typically completes in 6 to 12 months, depending on asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. Complex cases with legal disputes or unclaimed assets may take longer.
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