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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 where the directors believe the business cannot pay its debts. The process is initiated by the shareholders but is controlled by creditors, and it allows for an orderly winding down of affairs. An MVL is for solvent companies, where directors and shareholders wish to close a profitable business. In an MVL, the company must be able to pay all its debts in full within 12 months, and the process often offers tax advantages for shareholders.
How much does it cost to appoint a liquidator in Hamble Le Rice?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a CVL, the liquidator's fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to contribute. For an MVL, fees are usually fixed or based on a time cost, and you will receive a detailed quote before any work begins. Always ask for a clear breakdown of costs upfront.
Can I keep trading if my company is insolvent?
Trading while insolvent can lead to personal liability for directors if they take on new credit without reasonable prospect of repayment. This is known as wrongful trading. If you are insolvent, you should seek immediate professional advice. A licensed liquidator can help you decide whether to continue trading temporarily to complete work in progress or whether to cease operations and enter liquidation to protect you from further liability.
What happens to company assets and employees during liquidation?
Once a liquidator is appointed, they take control of all company assets, including cash, stock, equipment, and property. Their duty is to realise these assets for the benefit of creditors. Employees are usually made redundant on the appointment date, and they can claim statutory redundancy payments from the National Insurance Fund. The liquidator will handle all employee paperwork and provide necessary claims forms.
How long does a company liquidation take in Hamble Le Rice?
The length of a liquidation depends on the complexity of the case. A simple CVL may be completed in 6 to 9 months, but if there are complex asset sales, legal disputes, or investigations, it can take several years. An MVL is often quicker, typically concluding within 6 to 12 months, after which the company is formally dissolved. Your liquidator will provide a realistic timeline after the initial review.
What are the legal responsibilities of a director during liquidation?
Directors have a duty to cooperate fully with the liquidator, providing all company records, financial statements, and information about assets and liabilities. They must not conceal or destroy records. If directors have acted improperly, such as trading while insolvent or misusing company funds, they may face personal liability or disqualification. However, if you act honestly and seek professional advice early, you are generally protected from personal claims.
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