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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 that cannot pay their debts. It is initiated by the directors and involves a meeting of creditors, after which a licensed insolvency practitioner liquidates the company's assets to repay creditors. An MVL is used for solvent companies that wish to close voluntarily, typically for tax efficiency or retirement. In an MVL, the directors make a statutory declaration of solvency, and the process is faster and less formal, with surplus funds distributed to shareholders.
How long does the liquidation process take in Hamble?
The duration depends on the complexity of the company's affairs. A simple CVL can be completed in 6 to 12 months, including the realisation of assets, settlement of creditor claims, and final dissolution. An MVL is often quicker, sometimes within 3 to 6 months. However, if there are complex legal issues, disputed claims, or uncooperative directors, the process can take longer. Our team will provide a realistic timeline after an initial review of your case.
Can I continue trading while my company is being liquidated?
Once a formal liquidation order is made, the company must cease trading immediately, except for actions necessary to preserve asset value or complete outstanding contracts with the liquidator's approval. However, before liquidation begins, directors can continue trading if they act in the best interests of creditors and do not increase the company's debt. Our advisors will guide you on the legal boundaries to avoid wrongful trading claims.
What are the costs involved in appointing a liquidator in Hamble?
Liquidation costs vary based on the size and complexity of the company. For a CVL, the liquidator's fees are typically paid from the company's assets, but if there are insufficient assets, directors or shareholders may need to fund the process. We provide a clear, fixed-fee quote before any work begins, with no hidden charges. For an MVL, fees are agreed upfront and often range from £1,500 to £5,000 plus VAT, depending on the case.
Will I be personally liable for company debts after liquidation?
Generally, no. A limited company is a separate legal entity, so its debts are not the personal responsibility of directors, provided they have not given personal guarantees, acted fraudulently, or engaged in wrongful trading. However, if you have signed personal guarantees for loans or leases, the creditor can pursue you personally. Our insolvency practitioners will review your liabilities and advise on any potential risks before you proceed.
What happens to employees during a company liquidation in Hamble?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. The liquidator is responsible for calculating and paying statutory redundancy payments, notice pay, and unpaid wages, which may be claimed from the National Insurance Fund (via the Redundancy Payments Service) if the company lacks sufficient assets. We will handle all employee communications and ensure their entitlements are correctly processed.
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