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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and compulsory liquidation?
A CVL is initiated by the company's directors and shareholders when the business is insolvent but has not been forced into liquidation by a court. The directors call a meeting of shareholders to pass a resolution for voluntary winding up, and a licensed insolvency practitioner is appointed as liquidator. Compulsory liquidation, on the other hand, is a court-ordered process usually triggered by a creditor (such as HMRC or a supplier) presenting a winding-up petition. In compulsory liquidation, the Official Receiver is often initially appointed as liquidator. The key difference is who starts the process: the company (CVL) versus an external creditor (compulsory).
How long does the liquidation process take in Haddington?
The duration of a liquidation varies depending on the complexity of the company's affairs. For a straightforward creditors voluntary liquidation, the initial meeting and appointment of the liquidator can happen within 2 to 4 weeks after you decide to proceed. The full liquidation process, including selling assets, investigating transactions, and distributing funds to creditors, typically takes between 6 and 12 months. However, if there are complex issues such as outstanding legal disputes, fraud investigations, or recovering money from directors, it can take longer. Our team will provide a realistic timeline based on your specific situation during the initial consultation.
Can I continue trading after my company enters liquidation?
No. Once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and all trading must cease immediately, unless the liquidator specifically authorises trading for a limited period to complete work in progress or sell stock. Directors lose their powers to manage the company at the point of liquidation. If you continue trading after a winding-up order or resolution, you may be personally liable for any debts incurred during that period. If you need to keep trading while you decide, you should seek professional advice before the liquidation date to explore alternatives like administration or a company voluntary arrangement (CVA).
What are the legal duties of directors when their company is insolvent in Haddington?
Directors have a legal duty to act in the best interests of creditors once they know the company is insolvent. This means you must not take on new credit knowing the company cannot repay it, must not make preferential payments to certain creditors over others, and must not continue trading if there is no reasonable prospect of avoiding liquidation. You must also cooperate fully with the liquidator, provide all company records and accounts, and attend meetings if required. Failure to meet these duties can lead to personal liability for wrongful trading, disqualification as a director, or even criminal prosecution. Taking early advice from a licensed insolvency practitioner is the best way to protect yourself and fulfil your obligations.
How much does it cost to appoint a liquidator for a company in Haddington?
The cost of liquidation depends on the size and complexity of the company. For a creditors voluntary liquidation, fees are typically paid from the company's assets, but if there are insufficient assets, directors or shareholders may need to contribute to cover costs. Fees can range from £4,000 to £10,000 or more, depending on the work involved. At Company Liquidators Haddington, we offer a free initial consultation and provide a fixed-fee quote before you commit. We will always explain the fee structure clearly, including any disbursements, so there are no surprises. For solvent members voluntary liquidations, fees are often lower and can be agreed on a fixed basis.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order or resolution. The liquidator becomes responsible for settling employee claims, including unpaid wages, holiday pay, and redundancy pay. Employees may be able to claim certain statutory payments from the National Insurance Fund (via the Redundancy Payments Service) if the company has no assets to pay them. The liquidator will provide each employee with the necessary forms (RP1, RP2, etc.) to make claims. It is important to note that employees cannot be retained after liquidation, even if the business is sold as a going concern; in that case, new employment contracts would be offered by the buyer.
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