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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors cannot pay debts as they fall due. An insolvency practitioner is appointed to wind up the company, sell assets, and distribute proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business voluntarily, often for tax efficiency. In an MVL, the company can pay all its debts in full, and any surplus is distributed to shareholders.
How much does company liquidation cost in Isleworth?
The cost of liquidation in Isleworth varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, and are paid from company assets. Members Voluntary Liquidation (MVL) fees are often fixed and may start around £2,500. We always provide a clear, written quote before any work begins, with no hidden costs.
Can I continue to trade while my company is being liquidated?
Once a liquidation order is made or a liquidator is appointed, directors lose control of the company. However, before that point, directors can continue to trade if they are acting in the best interests of creditors. In a CVL, the liquidator may allow limited trading to complete contracts or sell stock, but this is at their discretion. In an MVL, trading typically ceases once the resolution to wind up is passed.
What are the legal obligations of directors during liquidation?
Directors must cooperate fully with the liquidator, provide all company records, accounts, and information about assets and liabilities. They must not dispose of assets without permission or make preferential payments to certain creditors. Directors also have a duty to avoid wrongful trading – continuing to trade while knowing the company is insolvent. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, no. If the company is a limited liability entity, directors are not personally liable for company debts provided they have not given personal guarantees, acted fraudulently, or engaged in wrongful trading. However, if you have personally guaranteed a loan or overdraft, the lender can pursue you for repayment. Our team can advise on your specific exposure and help you manage any personal guarantees.
How long does the liquidation process take in Isleworth?
A Creditors Voluntary Liquidation (CVL) typically takes between 6 and 12 months to complete, depending on the complexity of the asset realisation and creditor claims. A Members Voluntary Liquidation (MVL) can be completed in as little as 6 months if all formalities are handled correctly. The process involves filing documents with Companies House, notifying creditors, and finalising the liquidator's report.
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