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Raven Solution
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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 when a company is insolvent and cannot pay its debts. The directors appoint a licensed insolvency practitioner to wind up the company, and creditors are involved in the process. A Members Voluntary Liquidation (MVL) is for a solvent company where the directors and shareholders wish to close the business, often for retirement or restructuring. In an MVL, the company can pay all its debts in full, and any surplus assets are distributed to shareholders in a tax-efficient manner.
How long does the company liquidation process take in Kingsbury?
The duration of a liquidation process depends on the complexity of the company's affairs. A straightforward Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, from the initial meeting of creditors to the final dissolution of the company. A Members Voluntary Liquidation (MVL) can often be completed in a similar timeframe, but if the company has simple assets and no disputes, it may be concluded sooner. Our team will provide a realistic timeline after reviewing your specific situation.
What are the legal responsibilities of a director when their company is insolvent?
Directors of an insolvent company have a legal duty to act in the best interests of creditors, not just shareholders. This includes avoiding wrongful trading, which means continuing to trade while knowing the company cannot avoid liquidation. Directors must also cooperate with the liquidator, provide all necessary records, and disclose any preferential payments made to certain creditors. Failure to meet these responsibilities can lead to personal liability, disqualification, or even criminal prosecution. Our advisors can help you understand and fulfil these duties correctly.
Can I liquidate a company that has no assets or money?
Yes, it is possible to liquidate a company with no assets, but the process may differ. If the company has no assets to cover the liquidation costs, you may need to consider a compulsory strike-off from the Companies House register, which is a cheaper alternative but only suitable if the company has no debts and is not trading. If the company is insolvent with no assets, a CVL may still be possible if creditors agree to a payment plan or if the directors can fund the liquidation costs. We will assess your options and recommend the most cost-effective route.
Will I be personally liable for the company's debts after liquidation?
In most cases, no. A limited company is a separate legal entity, so its debts are not the personal responsibility of the directors, provided there has been no fraudulent or wrongful trading, personal guarantees, or misuse of company funds. If you have signed personal guarantees for business loans or leases, you may be liable for those specific debts. Our team will review your financial arrangements and advise you on any potential personal exposure before proceeding with liquidation.
How much does it cost to hire a company liquidator in Kingsbury?
The cost of liquidation varies depending on the type of liquidation, the complexity of the company's financial affairs, and the amount of work required. For a Creditors Voluntary Liquidation (CVL), fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to fund the costs. A Members Voluntary Liquidation (MVL) has a fixed fee structure, often starting from around £2,500 plus VAT, depending on the service provider. We offer transparent, upfront pricing with no hidden charges, and we will provide a detailed quote after an initial consultation.
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