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Frequently asked questions
What is Creditors Voluntary Liquidation (CVL) and how does it work in Hethersett?
Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for companies that cannot pay their debts. In Hethersett, our licensed insolvency practitioners will convene a meeting of shareholders to pass a resolution for voluntary winding-up, then a meeting of creditors to approve the appointment of a liquidator. The liquidator takes control of company assets, investigates financial affairs, and distributes proceeds to creditors in the legal order of priority. This process typically takes 6 to 12 months and concludes with the company being dissolved and removed from the Companies House register.
What is the difference between a Members Voluntary Liquidation (MVL) and a CVL?
An MVL is used for solvent companies where directors and shareholders wish to close a company that has sufficient assets to pay all debts in full, often for tax efficiency. A CVL is for insolvent companies where liabilities exceed assets. In an MVL, a licensed insolvency practitioner acts as liquidator, and any surplus assets are distributed to shareholders, often with capital gains tax treatment rather than income tax. In a CVL, the liquidator's role is to realise assets for creditors, and shareholders typically receive nothing unless funds remain after all debts are settled.
Can I keep trading if my company is in financial difficulty in Hethersett?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading if you do not take action to protect creditors. However, you can trade if there is a reasonable prospect of recovery, but you must seek professional advice immediately. Our liquidators in Hethersett can assess your cash flow and balance sheet, and if insolvency is unavoidable, we can help you cease trading in a controlled manner to minimise losses. We also explore alternatives like Company Voluntary Arrangements (CVA) or administration to rescue the business where possible.
What are the legal duties of directors during a liquidation process?
Directors have a duty to act in the best interests of creditors once a company is insolvent. This includes not taking preferential payments, not transferring assets at undervalue, and maintaining accurate financial records. During liquidation, directors must cooperate fully with the liquidator, provide all company books and records, and attend interviews if required. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Our team will guide you through every step to ensure you meet all legal obligations.
How much does company liquidation cost in Hethersett?
The cost of liquidation varies based on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are often contingent on asset realisation and are paid from company funds, but if there are no assets, directors may need to fund the process. For an MVL, fees are typically fixed and agreed upfront. We provide transparent, no-hidden-fee quotes after a free consultation. Our fees are competitive and fully compliant with insolvency regulations. Contact us for a tailored quote based on your specific circumstances.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the winding-up order or resolution. They become preferential creditors for unpaid wages, holiday pay, and pension contributions up to statutory limits. The liquidator will provide employees with the necessary forms to claim redundancy pay and other entitlements from the National Insurance Fund. Our team will ensure that all employee claims are properly submitted and that staff are treated fairly throughout the process, minimising disruption and distress.
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