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MAKESWORTH LIMITED
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KAAB
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Frequently asked questions
What is the role of a company liquidator in Greenford?
A company liquidator in Greenford is a licensed insolvency practitioner who manages the winding-up of a company. Their role includes selling assets, settling creditor claims, investigating the company's affairs, and distributing any remaining funds to shareholders. They also ensure all legal and statutory requirements are met, providing a clean closure for the business.
How much does company liquidation cost in Greenford?
The cost of liquidation in Greenford varies based on the complexity of the company, the number of creditors, and the type of liquidation required. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages and a free initial consultation to provide an accurate quote with no hidden charges.
Can I liquidate a solvent company in Greenford?
Yes, if your company is solvent (able to pay its debts), you can use a Members' Voluntary Liquidation (MVL). This process is designed for companies that wish to close voluntarily, often for tax efficiency or retirement. A licensed liquidator will confirm solvency, manage asset distribution, and formally dissolve the company, usually within 6-12 months.
What is the difference between compulsory and voluntary liquidation?
Voluntary liquidation is initiated by the company's directors or shareholders, either through a CVL (if insolvent) or an MVL (if solvent). Compulsory liquidation is a court-ordered process, typically started by a creditor who petitions for winding-up due to unpaid debts. In compulsory liquidation, the court appoints an Official Receiver or an insolvency practitioner as liquidator.
How long does the liquidation process take in Greenford?
The duration depends on the type of liquidation. A Creditors' Voluntary Liquidation (CVL) can often be completed in 6-12 months, including the initial meeting and final dissolution. A Members' Voluntary Liquidation (MVL) may take longer if assets need to be sold, but many cases are concluded within 6-12 months. Compulsory liquidation can take longer due to court proceedings.
What happens to employees when a company is liquidated in Greenford?
When a company is liquidated, employees are made redundant. The liquidator will notify employees and provide guidance on claiming statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator also assists with any claims for preferential status as employees.
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