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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a compulsory liquidation in Hitchin?
A CVL is a voluntary procedure initiated by the company's directors and shareholders when the company is insolvent. Directors call a meeting to pass a resolution to wind up, then appoint a licensed insolvency practitioner. Compulsory liquidation is a court-ordered process, typically initiated by a creditor (e.g., HMRC) through a winding-up petition. In a CVL, directors retain control of the process and choose the liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver or an IP, and directors lose control.
Can I continue trading if my company in Hitchin is insolvent and I want to appoint liquidators?
Once you decide to liquidate, you should cease trading immediately except where continued trading is necessary to preserve asset value or complete work in progress. Continuing to trade while insolvent and incurring further debts can lead to personal liability for wrongful trading under section 214 of the Insolvency Act 1986. Our liquidators in Hitchin can advise on the legality of any specific transaction. We recommend a free consultation before making any further commitments.
How much do company liquidators in Hitchin charge for a CVL?
Fees vary based on complexity, asset values, and creditor numbers. In Hitchin, typical CVL fees range from £3,500 to £6,000 plus VAT, but many firms offer fixed-fee packages. Our firm provides a transparent fixed-fee structure with no hidden costs. The fee covers statutory advertising, creditor correspondence, preparation of the statement of affairs, and the final dissolution. We always provide a written quote before you engage us, and you can pay the fee personally or from company assets, subject to HMRC rules.
What are the legal responsibilities of directors during a company liquidation in Hitchin?
Directors must cooperate fully with the liquidator, providing all company records, accounts, and access to assets. They must not dispose of assets without consent, must not prefer certain creditors over others, and must disclose any transactions at an undervalue or preferences given within the last two years. Directors must also complete a statement of affairs and attend interviews if required. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through every obligation.
Can I liquidate a solvent company in Hitchin to extract cash tax-efficiently?
Yes, if your company is solvent (able to pay all debts in full), you can use a Members' Voluntary Liquidation (MVL). This process allows shareholders to distribute retained profits as capital gains, which are taxed at a lower rate (10% for qualifying Business Asset Disposal Relief) compared to income tax on dividends. An MVL requires a declaration of solvency from directors, and a licensed IP must be appointed. We specialise in MVLs for business owners in Hitchin, ensuring HMRC compliance and efficient asset distribution.
What happens to employees when a company in Hitchin goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the winding-up order (for compulsory) or the date of the resolution (for CVL). They become preferential creditors for unpaid wages (up to £800 per week), holiday pay, and pension contributions. They can claim redundancy payments and other arrears from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide each employee with form RP1 and guide them through the claims process. We ensure all statutory employee notifications are made promptly.
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