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Frequently asked questions
What is the role of a company liquidator in Haverhill?
A licensed insolvency practitioner acts as the liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the company's affairs, and ensuring that all legal requirements under the Insolvency Act are met. They also handle employee redundancies, creditor communications, and the final dissolution of the company from Companies House.
How much does company liquidation cost in Haverhill?
Costs vary depending on the complexity of the liquidation, but most CVL cases are handled on a fixed-fee basis. For a typical small or medium-sized insolvent company, fees can range from £3,000 to £6,000 plus VAT and disbursements. We always provide a clear written quote before any work begins, with no hidden charges.
Can I liquidate a company with no assets or money in Haverhill?
Yes, it is possible to place an insolvent company into liquidation even if it has no assets. This is often called a 'no-asset CVL'. However, you will need to fund the liquidator's fees personally or through a third party, as the company cannot cover them. We can advise on the most cost-effective route, which might include a director's application for strike-off if no formal liquidation is required.
What is the difference between CVL and MVL in Haverhill?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used to close a business and extract retained profits as capital gains, which can be taxed at a lower rate than dividends. Our team will help you determine which applies to your situation.
How long does the liquidation process take in Haverhill?
The initial liquidation meeting and appointment of the liquidator can happen within 7 to 14 days after you decide to proceed. The entire process, including asset realisation, creditor claims, and final dissolution, usually takes between 6 and 12 months, depending on the complexity of the case and the speed of asset sales.
Will I be personally liable for company debts after liquidation in Haverhill?
No, as long as you have not provided personal guarantees, acted fraudulently, or traded wrongfully. A properly conducted CVL releases directors from responsibility for most company debts, including HMRC liabilities and supplier invoices. However, debts secured against personal guarantees, such as business loans or leases, will remain your responsibility.
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