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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 an insolvent company that cannot pay its debts. It is initiated by the directors and involves a meeting of creditors, where a liquidator is appointed to sell assets and distribute funds. An MVL is for a solvent company, where directors make a statutory declaration of solvency. The MVL allows for tax-efficient distribution of retained profits to shareholders, and the company is then formally dissolved.
How much does company liquidation cost in Guisborough?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets and creditors, and the chosen procedure. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for more complex cases. We provide a fixed-fee quote after an initial review, ensuring there are no surprise costs. The liquidator's fees are often paid from the company's assets, but if there are insufficient assets, directors may need to contribute.
Can I continue to trade if my company is in liquidation?
No, once a company enters liquidation (either CVL or compulsory), the directors' powers cease. The appointed liquidator takes control of the company's affairs, and trading is generally only continued by the liquidator for a short period to complete work in progress or sell assets as a going concern. If you wish to continue trading, alternative options like administration or a company voluntary arrangement (CVA) may be more suitable, and we can advise on these.
What are the legal duties of directors when their company is insolvent in Guisborough?
Directors have a legal duty to act in the best interests of creditors once they know or suspect the company is insolvent. This includes avoiding wrongful trading (continuing to incur debts when there is no reasonable prospect of repayment), not preferring certain creditors over others, and keeping proper financial records. Failure to comply can lead to personal liability for company debts, disqualification, or even criminal prosecution. Seeking professional advice early helps you fulfil these duties correctly.
Will I be personally liable for my company's debts after liquidation?
In most cases, no. A company is a separate legal entity, and directors are generally not personally liable for its debts if they have acted properly. However, personal liability can arise if you have given personal guarantees for loans or credit, or if you are found guilty of wrongful trading, fraudulent trading, or misfeasance. Our team will review your situation to identify any potential risks and help you mitigate them before proceeding with liquidation.
How long does the liquidation process take in Guisborough?
The duration of a CVL typically takes between 6 to 12 months to complete, depending on the complexity of realising assets and dealing with creditor claims. An MVL is often quicker, sometimes concluding within 3 to 6 months. After the liquidator has completed all duties, the company is formally dissolved, which can take an additional few months. We aim to streamline the process while ensuring full compliance with insolvency legislation.
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