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Frequently asked questions
What is the cost of company liquidation in Harrow Weald?
For a Creditors Voluntary Liquidation (CVL), our fixed fee typically starts from £3,500 plus VAT, but this varies based on asset complexity and creditor numbers. We provide a written quote after a free initial review. Members Voluntary Liquidation (MVL) for solvent companies starts from £2,000 plus VAT. All fees are disclosed upfront with no hidden extras, and we can often agree staged payments for director-funded CVLs.
How long does a company liquidation take in Harrow Weald?
A Creditors Voluntary Liquidation (CVL) usually completes within 6 to 12 months, depending on asset sales and creditor claims. The initial creditors' meeting is held within 14 days of the directors' decision. For a Members Voluntary Liquidation (MVL), the process often concludes in 6 to 8 weeks if all assets are easily realised and no disputes arise.
Can I keep trading if my company is insolvent in Harrow Weald?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading. Directors must act in the best interests of creditors. Our licensed liquidators advise you immediately on your options, which may include a CVL or a formal restructuring. We help you avoid illegal trading and protect your position with HMRC and other creditors.
What happens to employees during liquidation in Harrow Weald?
In a Creditors Voluntary Liquidation, all employees are made redundant on the date the liquidation commences. The liquidator then claims statutory redundancy pay, notice pay, and unpaid holiday pay from the National Insurance Fund on behalf of eligible staff. We guide employees through the claims process and ensure they receive their entitlements as quickly as possible.
Do I need to attend court for a company liquidation in Harrow Weald?
No, a Creditors Voluntary Liquidation (CVL) does not require a court appearance. The process is initiated by shareholder resolutions and a creditors' meeting, which our liquidator chairs. Compulsory liquidation involves a court petition, but we help you avoid this by acting early. For most insolvent companies, a CVL is a court-free, director-led process.
Can a liquidator investigate my conduct as a director in Harrow Weald?
Yes, a licensed liquidator has a statutory duty to investigate director conduct for potential wrongful trading, fraudulent trading, or misfeasance. However, if you have acted honestly and kept proper records, there is usually no issue. We provide pre-liquidation advice to help you prepare documentation and demonstrate compliance, minimising any risk of personal liability or disqualification.
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