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MAKESWORTH LIMITED
Makesworth
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Frequently asked questions
What is the difference between CVL and MVL in Hertford?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it is initiated by directors to avoid compulsory winding up. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can confirm solvency, and it is often used for tax-efficient distribution of retained profits. Our licensed practitioners will assess your financial position and recommend the correct procedure for your circumstances.
How much does company liquidation cost in Hertford?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the type of liquidation required. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we provide fixed-fee quotes after an initial review. MVL costs are often lower for solvent companies. We always provide transparent pricing with no hidden charges.
Can I continue trading while my company is being liquidated?
Once a formal liquidation process begins, directors lose control of the company, and trading must cease unless the liquidator specifically allows it for the purpose of winding down. However, before liquidation is formally appointed, you may continue trading if it is in the best interests of creditors. Our advisors will guide you on the legal boundaries to avoid wrongful trading claims.
What happens to employees during a company liquidation in Hertford?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidator is appointed. Employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide each employee with the necessary forms (RP1, RP2, and RP3) to make claims.
How long does the liquidation process take in Hertford?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation can be completed more quickly, often within 3 to 6 months. After the final meeting, the company is formally dissolved, which may take an additional 2 to 3 months. Our team ensures efficient handling throughout.
Are directors personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted in accordance with their fiduciary duties and have not been involved in wrongful trading, fraudulent activity, or personal guarantees. However, if misconduct is found, the liquidator can pursue directors personally. We provide advice on minimising personal risk and conducting proper insolvency procedures.
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