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HHR ACCOUNTANCY LTD
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Frequently asked questions
What is a Creditor Voluntary Liquidation (CVL) in High Peak?
A Creditor Voluntary Liquidation (CVL) is the most common formal insolvency procedure for an insolvent company in High Peak. It involves the shareholders passing a resolution to wind up the company, followed by a meeting of creditors who approve the appointment of a licensed insolvency practitioner as liquidator. The liquidator sells company assets, investigates the directors' conduct, and distributes funds to creditors. A CVL stops creditor action, including court petitions, and allows the company to be dissolved at the end of the process.
How much do company liquidators in High Peak charge?
The cost of liquidation in High Peak varies based on company size, asset complexity, and the number of creditors. For a Creditor Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT, but many firms offer a fixed fee based on a free initial review. Directors should be aware that the liquidator's fee is paid from company assets as a preferential expense. If no assets exist, a director may need to fund the liquidation personally, but this can be negotiated. Always obtain a written quote before engaging a liquidator.
Can I keep trading after my company enters liquidation?
No. Once a company enters liquidation, the liquidator takes control of the business and its assets. The company ceases to trade immediately, except for the liquidator's limited powers to sell stock or complete contracts for the benefit of creditors. Directors must stop incurring credit and cannot make payments to preferential creditors or shareholders. If you wish to continue trading, you may consider alternatives like a Company Voluntary Arrangement (CVA) or administration, which allow trading under a supervisor's control.
What is the difference between compulsory liquidation and voluntary liquidation in High Peak?
Compulsory liquidation is a court-ordered process, usually initiated by a creditor who obtains a winding-up petition against the company. Voluntary liquidation is initiated by the company's directors and shareholders. Within voluntary liquidation, there are two types: Members' Voluntary Liquidation (MVL) for solvent companies, and Creditors' Voluntary Liquidation (CVL) for insolvent companies. Compulsory liquidation often follows a failed statutory demand or unpaid court judgment, and the court appoints an Official Receiver initially, who may then appoint a private liquidator.
Are directors personally liable for company debts in High Peak liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts unless they have given personal guarantees or engaged in wrongful trading, fraudulent trading, or misfeasance. If a director continues to trade while knowing the company cannot pay its debts, they may be personally liable for additional debts incurred. Also, if they misused company funds or assets, the liquidator can seek recovery from them personally. Directors should seek advice early to avoid personal exposure.
How long does a company liquidation take in High Peak?
A Creditor Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. The initial meeting of creditors is held within 14 days of the shareholders' resolution. After that, the liquidator's work includes selling assets, investigating transactions, and agreeing claims. The final dissolution of the company occurs after the liquidator files final accounts with Companies House, usually within 12 months. Compulsory liquidations may take longer due to court processes.
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