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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 for insolvent companies where the directors decide to wind up because the business cannot pay its debts. An MVL (Members Voluntary Liquidation) is for solvent companies where shareholders wish to close the business, often for retirement or restructuring. In an MVL, a licensed insolvency practitioner declares solvency and distributes assets to shareholders after paying all debts, whereas in a CVL, creditors are paid from available assets and any shortfall is written off.
How much does company liquidation cost in Leigh-on-Sea?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a typical Creditors Voluntary Liquidation, fees can range from £3,000 to £7,000 plus VAT and disbursements, but this is often covered by the company's assets. For an MVL, fees are usually fixed based on the level of work required. We provide a free, no-obligation quote after an initial review of your company's financial position.
Can I continue trading after my company enters liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and the directors' powers cease. You cannot continue trading or making decisions about the company's assets. However, the liquidator may allow the business to trade for a short period if it is necessary to achieve a better outcome for creditors, such as selling the business as a going concern. Any trading after liquidation must be authorised by the liquidator.
What are the legal responsibilities of directors when their company is insolvent?
Directors have a legal duty to act in the best interests of creditors once they know the company is insolvent. This includes avoiding wrongful trading (continuing to incur debt without reasonable prospect of repayment), ensuring accurate accounting records are kept, and not preferring certain creditors over others. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Seeking professional advice early is crucial to mitigate risks.
Will I be personally liable for company debts after liquidation?
In most cases, no. If the company is a limited liability company, the directors and shareholders are protected from personal liability for company debts, provided they have not given personal guarantees, engaged in fraudulent or wrongful trading, or acted improperly. However, if you have personally guaranteed loans or credit agreements, the lender can pursue you for repayment. Our advisers can review your guarantees and explain your exact position.
How long does the liquidation process take in Leigh-on-Sea?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of realising assets and resolving creditor claims. An MVL can be completed more quickly, often within 3 to 6 months. The process involves appointing a liquidator, holding a creditors' meeting (for CVL), and then the liquidator's work to wind up the company's affairs. We aim to complete the process as efficiently as possible while ensuring full compliance.
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