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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors but controlled by creditors, and it allows for an orderly winding down of the business. A Members Voluntary Liquidation (MVL) is used when a company is solvent and directors wish to close it down, often for tax efficiency. In an MVL, the directors make a statutory declaration of solvency, and the process is controlled by shareholders, with no involvement from creditors.
How much does company liquidation cost in Hackney?
The cost of liquidation in Hackney varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward Creditors Voluntary Liquidation, fees typically start from around £3,000 plus VAT, but we offer fixed-fee packages to provide certainty. Members Voluntary Liquidations are generally less expensive, starting from £1,500 plus VAT. We always provide a detailed quote after an initial free consultation, with no hidden charges.
Can I keep trading while my company is being liquidated?
Once a formal liquidation process begins, the appointed liquidator takes control of the company, and directors cease to have powers to trade. However, before the liquidation starts, directors may continue trading to preserve value, but they must act in the best interests of creditors. If you are considering liquidation, it is crucial to seek professional advice immediately to avoid wrongful trading claims, which can result in personal liability for directors.
What happens to company assets during liquidation in Hackney?
During liquidation, the liquidator takes possession of all company assets, including cash, property, equipment, and intellectual property. These assets are then realised (sold) to generate funds for distribution to creditors. The order of payment is set by law: secured creditors are paid first, followed by preferential creditors (such as employees' wages), then unsecured creditors. Shareholders only receive any remaining funds if all debts are paid in full, which is rare in an insolvent liquidation.
Will I be personally liable for company debts if I liquidate my company?
In most cases, directors are not personally liable for company debts if the company is liquidated properly, as limited liability protects their personal assets. However, personal liability can arise if you have given personal guarantees for business loans or leases, or if you have acted fraudulently or wrongfully. Our experts will review your situation to identify any potential risks and guide you on how to mitigate them before proceeding with liquidation.
How long does a company liquidation take in Hackney?
The duration of a liquidation process depends on the complexity of the case. A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, as the liquidator must investigate the company's affairs, sell assets, and distribute funds. A Members Voluntary Liquidation can be completed more quickly, often within 3 to 6 months, if the company's records are in order. We work efficiently to close your company as soon as possible while ensuring full compliance with legal requirements.
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