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Frequently asked questions
What is the difference between a CVL and an MVL in Hounslow?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can declare solvency, and it is a more straightforward process to distribute assets and close the company tax-efficiently. Our Hounslow liquidators will assess your financial position to recommend the correct procedure.
How much does company liquidation cost in Hounslow?
The cost of liquidation varies based on company size, asset complexity, and creditor structure. For a simple CVL, fees typically range from £4,000 to £8,000 plus VAT, but we offer fixed-fee packages to avoid surprises. MVL costs are often lower, starting around £2,500. We provide a free, no-obligation quote after reviewing your company's accounts and liabilities, ensuring transparent pricing with no hidden charges.
Can I continue trading after appointing liquidators in Hounslow?
No, once a liquidator is appointed, they take control of the company and your trading authority ceases. However, the liquidator may continue trading for a short period to complete contracts or sell stock to maximise asset value. If you wish to trade a new business, you must incorporate a new company, but be aware of restrictions on using the same or similar name within 12 months unless certain legal conditions are met.
What are the legal obligations of directors when a company is insolvent in Hounslow?
Directors must act in the best interests of creditors once insolvency is apparent. This includes avoiding wrongful trading, which means continuing to trade while knowing the company cannot avoid liquidation. Directors must also maintain proper records and disclose all assets and liabilities to the liquidator. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our experts help you navigate these duties correctly.
How long does a company liquidation take in Hounslow?
A CVL typically takes 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. The process includes appointing a liquidator, notifying creditors, realising assets, distributing funds, and finally dissolving the company. Our Hounslow liquidators aim to expedite the process while ensuring full compliance with insolvency law.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and within the law. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. Our liquidators will review your conduct and advise on any potential risks, helping you achieve a clean exit from your company.
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