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This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in Hungerford?
A Creditors Voluntary Liquidation (CVL) is the most common formal insolvency procedure for an insolvent company. It is initiated by the directors, who pass a resolution to wind up the company voluntarily. A licensed insolvency practitioner is then appointed as liquidator to sell the company's assets, investigate its affairs, and distribute the proceeds to creditors. In Hungerford, our team manages the entire process, including calling a meeting of creditors, preparing the statement of affairs, and ensuring all legal requirements are met, allowing directors to close the company responsibly.
Can I continue trading if my company is in financial difficulty?
Directors have a legal duty to act in the best interests of creditors when the company is insolvent or bordering on insolvency. Continuing to trade can lead to wrongful trading claims if the company incurs further debts with no reasonable prospect of repayment. We recommend seeking professional advice immediately. Our Hungerford liquidators can assess your cash flow position and help you decide whether to attempt a rescue plan, enter a formal arrangement, or proceed with liquidation to avoid personal liability.
What are the costs of company liquidation in Hungerford?
The cost of a Creditors Voluntary Liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor claims. Typically, fees are based on the work involved, often charged on a fixed-fee basis or as a percentage of asset realisations. We provide a transparent, fixed-fee quote after an initial free consultation. This ensures you know the costs upfront, with no hidden charges, making the process more predictable for directors in Hungerford.
What happens to company assets and employees during liquidation?
During liquidation, the appointed liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. These assets are sold to generate funds for creditors. Employees are made redundant from the date of liquidation, and they may be entitled to claim statutory redundancy payments, unpaid wages, and holiday pay from the National Insurance Fund. Our team guides you through employee communication and ensures that all statutory claims are processed correctly, minimising distress for your workforce.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees for loans or credit, or if you have acted wrongfully, fraudulently, or traded while insolvent. Our Hungerford liquidators will review your financial history and advise on potential risks. We help you understand your position and take steps to protect your personal assets wherever possible.
How long does the liquidation process take in Hungerford?
The timeline for a Creditors Voluntary Liquidation typically ranges from 6 to 12 months, depending on the complexity of the case. The initial stages, including the directors' meeting, creditor meeting, and appointment of the liquidator, can be completed within 2 to 4 weeks. Asset realisation and legal formalities may extend the process. Our team works efficiently to conclude the liquidation as quickly as possible, providing regular updates to directors and creditors throughout.
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