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Frequently asked questions
What is a company liquidation and how does it work in Herne Bay?
A company liquidation is the formal process of closing down a limited company by selling its assets, paying off creditors, and dissolving the business. In Herne Bay, a licensed liquidator is appointed to manage the process. The liquidator will assess the company's financial position, notify creditors and shareholders, realise assets, and distribute funds according to legal priority. Once all debts are settled or declared unpayable, the company is removed from the Companies House register. The process can be voluntary (directors' choice) or compulsory (court-ordered).
How much does it cost to hire a company liquidator in Herne Bay?
The cost of liquidation in Herne Bay varies based on the complexity of your company's affairs, the number of creditors, and the amount of assets to be realised. Most liquidators charge a fixed fee for a Creditors' Voluntary Liquidation (CVL), which typically ranges from £3,000 to £7,000 plus VAT, with additional disbursements. Some firms offer payment plans or defer payment until assets are sold. Always request a detailed written quote before appointing a liquidator. Our firm provides transparent pricing with no hidden fees, and we offer a free initial consultation to discuss costs.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent. They pass a resolution to wind up the company and appoint a liquidator of their choice. A compulsory liquidation is a court-ordered process, usually started by a creditor who petitions the court for a winding-up order. In compulsory liquidation, the Official Receiver or a court-appointed liquidator takes control. CVL gives directors more control and is often less stressful, while compulsory liquidation can lead to investigation of director conduct.
Can I keep trading after my company enters liquidation in Herne Bay?
Once a company enters liquidation, trading must cease immediately, except in very limited circumstances where the liquidator may allow trading to complete existing contracts or sell stock. Continuing to trade after a winding-up petition is presented or after liquidation has begun can lead to personal liability for directors for wrongful trading. If you wish to continue trading, you should consider alternatives to liquidation, such as a Company Voluntary Arrangement (CVA) or administration, which may allow the business to continue operating while restructuring debts.
What happens to employees if my company is liquidated in Herne Bay?
When a company goes into liquidation, all employees are automatically dismissed from the date of liquidation. The liquidator will provide each employee with a claim form to submit to the Redundancy Payments Service (RPS) for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. Employees who have worked for the company for at least two years are entitled to statutory redundancy pay. The liquidator will also assist with any outstanding pension contributions and provide guidance on claiming from the National Insurance Fund. Employees should contact the RPS directly for their claims.
Can a company liquidator help if my company has no assets?
Yes, a company liquidator can still help if your company has no assets. This is often referred to as a 'no-asset liquidation' or 'pre-pack liquidation'. In such cases, the liquidator will still need to follow statutory procedures, but there may be no funds to pay creditors. The cost of liquidation may need to be funded by the directors personally or through an external funder. Alternatively, if the company is solvent but has no assets, it may be possible to apply for a strike-off from the Companies House register, which is a cheaper and simpler process. Our team can advise on the best route for your specific circumstances.
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