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HUBBLE ACCOUNTANCY LTD
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Frequently asked questions
What is the difference between solvent and insolvent liquidation in Hambrook?
Solvent liquidation, known as Members Voluntary Liquidation (MVL), is used when a company is solvent and can pay its debts in full within 12 months. It is often used for tax-efficient distribution of retained profits. Insolvent liquidation, such as Creditors Voluntary Liquidation (CVL), is used when a company cannot pay its debts. In a CVL, an insolvency practitioner is appointed to wind up the company, realise assets, and distribute proceeds to creditors in a legally compliant manner.
How much does company liquidation cost in Hambrook?
The cost of liquidation in Hambrook varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT and disbursements. Members Voluntary Liquidation costs are often lower, starting from around £2,000. We always provide a clear, fixed-fee quote before any work begins, with no hidden charges.
How long does the liquidation process take in Hambrook?
The duration of a liquidation depends on the complexity of the company's affairs. A Creditors Voluntary Liquidation (CVL) can often be completed within 6 to 12 months, but the statutory process itself takes about 8 to 10 weeks from the initial meeting to the final distribution. Members Voluntary Liquidation (MVL) can be faster, sometimes completed in 3 to 6 months if all assets are realised quickly. We work diligently to expedite the process while ensuring full legal compliance.
Can I continue to trade after starting liquidation in Hambrook?
No. Once a formal liquidation process begins, such as a Creditors Voluntary Liquidation (CVL), directors lose their powers to trade the company. The appointed liquidator takes control of the company's affairs, and trading ceases immediately unless the liquidator decides to continue trading temporarily to sell stock or complete contracts. In a Members Voluntary Liquidation (MVL), the company must be solvent, and trading is typically wound down before the liquidation starts.
What are the legal duties of directors during liquidation in Hambrook?
Directors have a legal duty to act in the best interests of creditors once insolvency is apparent. They must cooperate fully with the liquidator, provide all company records, accounts, and information, and not hide assets or prefer certain creditors. Directors can be held personally liable for wrongful trading if they continue to trade while knowing the company is insolvent. Our liquidators guide directors through their responsibilities to avoid any personal liability.
Will I be personally liable for company debts after liquidation in Hambrook?
Generally, no. Limited liability companies protect directors from personal liability for company debts. However, personal liability can arise if directors have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. The liquidator will investigate the directors' conduct. If you have acted honestly and within the law, you will not be personally liable for the company's debts beyond your shareholding or any guarantees you have signed.
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