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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies, where the directors decide to wind up the company because it cannot pay its debts. An MVL is for solvent companies, where the directors and shareholders wish to close the business voluntarily, often for retirement or restructuring. In an MVL, a licensed insolvency practitioner must declare solvency, and the process is typically more straightforward and cost-effective.
How long does the liquidation process take in Gorebridge?
The duration varies depending on the complexity of the company's affairs. A straightforward MVL can be completed in as little as 6 to 9 months, while a CVL may take longer, often 12 to 18 months, to allow for asset realisation, creditor claims, and final distribution. Your liquidator will provide a realistic timeline based on your specific situation.
What are the legal duties of directors during a liquidation?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and information about assets and liabilities. They must also refrain from taking any actions that could prejudice creditors, such as transferring assets or paying off certain creditors preferentially. Failure to comply can lead to personal liability or disqualification.
Can I keep trading if my company is insolvent?
Once you are aware that your company is insolvent, you have a duty to act in the best interests of creditors. Continuing to trade without a realistic prospect of recovery can lead to wrongful trading claims. It is advisable to seek professional advice immediately. A liquidator can help you assess whether trading on is viable or if liquidation is the appropriate course.
What happens to employees when a company goes into liquidation?
Employees are entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, but the liquidator must first terminate their employment. The liquidator will provide the necessary forms (RP1, RP2) to help employees make claims. They will also advise on any preferential status for certain employee claims in the distribution of assets.
How much does it cost to appoint a liquidator in Gorebridge?
The cost depends on the size and complexity of the company. For an MVL, fees are often fixed or based on the value of assets realised. For a CVL, the liquidator's fees are typically paid from the company's assets, but if there are insufficient assets, creditors may need to agree to a fee structure. We provide transparent fee quotes upfront, with no hidden costs.
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