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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A CVL is used for an insolvent company where the directors realise the business cannot pay its debts. It is initiated by the directors and shareholders, and a licensed insolvency practitioner is appointed to liquidate assets and distribute funds to creditors. An MVL is for a solvent company where the directors and shareholders decide to close the business, often for retirement or restructuring. In an MVL, a declaration of solvency is made, and the process distributes remaining assets to shareholders after all debts are paid, often with tax advantages.
How long does the company liquidation process take in Kingston upon Thames?
The duration of a liquidation process varies based on the complexity of the company's affairs. A simple Creditors Voluntary Liquidation (CVL) can often be completed in 6 to 12 months, which includes the statutory period for creditor claims and the final dissolution of the company. Members Voluntary Liquidations (MVL) can sometimes be concluded faster, but the liquidator must still wait for the prescribed period before dissolving the company. Your appointed liquidator will provide a realistic timeline after reviewing your financial records.
What are the legal responsibilities of a director when a company is insolvent?
When a company becomes insolvent, directors have a legal duty to act in the best interests of creditors rather than shareholders. This means they must not take on new credit they cannot repay, must not prefer one creditor over another, and must not continue trading if there is no reasonable prospect of avoiding liquidation. Failing to meet these duties can lead to personal liability for company debts, director disqualification, or even criminal prosecution. Seeking professional advice from a licensed liquidator early is crucial to protect your position.
Can I still be a director of another company after my company is liquidated?
Yes, you can generally be a director of another company after a Creditors Voluntary Liquidation (CVL), provided you have not been disqualified by the court. However, your conduct as a director of the insolvent company will be reviewed. If you have acted improperly, such as trading while insolvent or breaching fiduciary duties, you could face disqualification for up to 15 years. In a Members Voluntary Liquidation (MVL), there is no such stigma, and you can continue your business activities without restriction.
How much does it cost to appoint a company liquidator in Kingston upon Thames?
The cost of liquidation depends on the size and complexity of your company. For a Creditors Voluntary Liquidation (CVL), fees are often taken from the company's assets, but if there are insufficient assets, directors may need to fund the process. Typical fees range from £4,000 to £8,000 plus VAT, but this can vary. Members Voluntary Liquidations (MVL) are usually fixed-fee based, starting from around £2,500. We always provide a clear, written quotation before any work begins, ensuring there are no hidden costs.
What happens to employees if my company goes into liquidation?
If your company enters liquidation, all employees are automatically made redundant. The liquidator will calculate any outstanding wages, holiday pay, and redundancy entitlements. Employees may be able to claim certain statutory payments from the National Insurance Fund, such as redundancy pay, unpaid wages (up to a cap), and holiday pay. The liquidator will provide each employee with the necessary forms (RP1, RP2, etc.) to make these claims. If you are an employee, you should also register as a creditor to ensure you are kept informed of the process.
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