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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 company cannot pay its debts, and it is initiated by the directors to wind up the business in an orderly manner, with a liquidator realising assets to pay creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where the directors and shareholders decide to close the company voluntarily, usually for reasons like retirement or restructuring, and the liquidator distributes surplus assets to shareholders after settling all liabilities. In Kempston, our licensed liquidators can advise which procedure is appropriate for your specific financial situation.
How much does it cost to appoint a company liquidator in Kempston?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets and creditors, and the type of liquidation. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed-fee packages. For a Members Voluntary Liquidation (MVL), costs are often lower, starting around £2,000. At Company Liquidators Kempston, we provide transparent, fixed-fee quotes after an initial free consultation, with no hidden charges. The fee is usually paid from the company's assets before distribution to creditors or shareholders.
Can I continue to trade while my company is in liquidation?
Once a winding-up order is made or a resolution to wind up is passed, the liquidator takes control of the company, and directors cease to have authority to trade. However, the liquidator may continue trading for a short period if it is beneficial for realising assets or completing contracts. In a CVL, trading typically stops immediately, but in an MVL, the liquidator can oversee a wind-down period. If you are considering liquidation, our Kempston liquidators will advise on the legal restrictions and any potential personal liability for wrongful trading if you continue to operate while insolvent.
What are the legal duties of directors during a company liquidation in Kempston?
Directors have a statutory duty to act in the best interests of creditors when the company is insolvent. This includes providing full and accurate information about the company's finances, cooperating with the liquidator, and not disposing of assets without consent. Failure to comply can lead to personal liability for wrongful trading, disqualification as a director, or even criminal penalties. Our experts guide directors through their responsibilities, including preparing a statement of affairs, attending meetings, and ensuring all records are available, to avoid any legal pitfalls during the liquidation process.
How long does a company liquidation take in Kempston?
The duration of a liquidation depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation (CVL) can be completed in 6 to 12 months, but if there are complex asset recoveries, legal disputes, or unravelling of transactions, it may take longer. A Members Voluntary Liquidation (MVL) is often quicker, typically concluding within 6 to 9 months. The liquidator must file final accounts with Companies House and hold a final meeting to dissolve the company. Our Kempston liquidators aim to expedite the process while ensuring all legal requirements are met.
Will I be personally liable for company debts if I choose liquidation?
In most cases, directors are not personally liable for company debts if the company is liquidated properly and no wrongful trading or fraudulent activity has occurred. However, if you have given personal guarantees for business loans or leases, creditors can pursue you personally. Additionally, if you have traded while insolvent and worsened the company's position, you may face personal liability. Our liquidators assess your situation to identify any potential risks and provide strategies to protect your personal assets, but we always recommend seeking independent legal advice on personal guarantees.
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