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Frequently asked questions
What is the difference between CVL and MVL in company liquidation?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An insolvency practitioner is appointed to wind up the business, sell assets, and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close voluntarily, often for retirement or restructuring. In an MVL, the company can pay all debts in full, and shareholders may benefit from capital treatment on distributions.
How much does it cost to liquidate a company in Lee On The Solent?
Costs vary depending on the complexity of the company, the number of assets, creditors, and whether it is a CVL or MVL. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but some firms offer fixed fees. An MVL may cost more due to additional statutory work. We provide a free, fixed-fee quote after an initial assessment, ensuring no hidden costs.
Can a director face personal liability during liquidation?
Directors can face personal liability if they have acted wrongfully, such as trading while insolvent, taking unlawful dividends, or misusing company funds. However, using a licensed insolvency practitioner early demonstrates responsible action and can reduce risk. Our liquidators will review your conduct, advise on potential issues, and help you avoid personal guarantees being enforced where possible.
How long does the liquidation process take in Lee On The Solent?
A CVL typically takes 6 to 12 months to complete, depending on asset sales and creditor claims. An MVL can be faster, often 3 to 6 months, especially if the company has simple finances. The process includes appointing a liquidator, notifying creditors, realising assets, and finalising accounts. We aim to close cases as quickly as legally possible.
What happens to employees when a company is liquidated?
In a CVL, employees are made redundant once the liquidator is appointed. They may claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides necessary documentation and guidance. In an MVL, employees are usually transferred or made redundant before the liquidation, with all outstanding payments settled.
Do I need to be based in Lee On The Solent to use your liquidation services?
No, we serve clients throughout the UK, but we have a strong local presence in Lee On The Solent and the wider Hampshire area. We can meet you at our local office, your premises, or virtually. Our team is familiar with regional business challenges and offers flexible appointments to suit your needs.
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