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Frequently asked questions
What is the difference between a creditor voluntary liquidation (CVL) and a compulsory liquidation?
A CVL is initiated by the company's directors when the company is insolvent and cannot pay its debts. Directors call a meeting of shareholders to pass a resolution to wind up the company voluntarily, and then creditors approve the appointment of a liquidator. Compulsory liquidation is a court-ordered process, usually initiated by a creditor (such as HMRC) who petitions the court to wind up the company. In compulsory liquidation, the court appoints an official receiver or an insolvency practitioner as liquidator.
Can I continue trading after my company enters liquidation?
No. Once a company enters liquidation, the liquidator takes control of the company's assets and affairs. Directors lose their powers to make decisions or trade on behalf of the company. The liquidator's role is to realize assets, investigate the company's affairs, and distribute funds to creditors. Any trading after liquidation without the liquidator's consent could result in personal liability for the director.
What are the legal duties of directors when a company is insolvent?
Directors have a duty to act in the best interests of creditors once the company becomes insolvent. This includes avoiding wrongful trading (continuing to trade when you know there is no reasonable prospect of avoiding insolvency), ensuring preferential creditors (like employees) are paid, and not making payments to certain creditors that unfairly favor them over others. Directors must also cooperate fully with the liquidator and provide accurate financial records.
How much does a company liquidation cost in Houghton L?
The cost of a CVL typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. Our fees are fixed and agreed in advance, often payable from the company's assets. If there are no assets, directors may need to fund the liquidation personally. We provide a free initial consultation and a no-obligation quote before you commit to any process.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently, wrongfully traded, or given personal guarantees. However, if you have given a personal guarantee for a business loan or overdraft, the creditor can pursue you personally for that debt. Also, if the liquidator finds evidence of misconduct, you could face personal liability or disqualification as a director.
What is a members voluntary liquidation (MVL) and when is it used?
An MVL is a process for solvent companies where directors and shareholders decide to close the company. It is often used for retirement, restructuring, or when the business has achieved its purpose. The company must be able to pay all debts in full within 12 months. An MVL allows for tax-efficient distribution of retained profits as capital gains rather than income, and the company is formally dissolved after the liquidator completes the process.
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