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Frequently asked questions
What is the difference between compulsory and voluntary liquidation?
Compulsory liquidation is a court-ordered process, typically initiated by creditors or HMRC when a company cannot pay its debts. Voluntary liquidation is initiated by the company's directors and shareholders. This includes Members' Voluntary Liquidation (MVL) for solvent companies and Creditors' Voluntary Liquidation (CVL) for insolvent companies. In a CVL, the directors appoint a liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver initially.
How much do company liquidators in Lechlade charge?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. At Company Liquidators in Lechlade, we provide a fixed-fee structure for standard CVL cases, which typically starts from around £4,000 plus VAT and disbursements. We always provide a clear, written quote before any work begins, ensuring no hidden costs. For MVLs, fees are often based on the value of assets distributed.
Can I continue to trade after my company enters liquidation?
No. Once a company enters liquidation, the appointed liquidator takes control of the business and its assets. The directors' powers cease immediately. You cannot continue to trade, sell assets, or make payments without the liquidator's explicit permission. The liquidator's role is to realize the company's assets for the benefit of creditors and bring the company to an orderly close.
What happens to employees when a company is liquidated?
When a company goes into liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, notice pay, and any unpaid wages or holiday pay. These claims are preferential and are paid from the company's assets or, if insufficient, from the National Insurance Fund (via the Redundancy Payments Service).
How long does the liquidation process take?
The length of time depends on the complexity of the company's financial affairs. A straightforward Creditors' Voluntary Liquidation (CVL) can be completed in as little as 6 to 12 months, but it may take longer if there are complex asset realizations, ongoing legal disputes, or if the company's records are incomplete. The liquidator must also hold a final meeting of creditors before the company is dissolved.
What are the legal duties of directors during liquidation?
Directors have a duty to cooperate fully with the liquidator, providing all company records, accounts, and information. They must not hide assets or prefer certain creditors over others. If directors have traded while insolvent (wrongful trading) or acted fraudulently, they may be personally liable. Our team can advise you on your responsibilities and help you avoid any potential pitfalls during the process.
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