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Frequently asked questions
What is the difference between CVL and MVL in Letchworth?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. It is initiated by directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can declare solvency and the company is wound up to distribute assets to shareholders, often for tax efficiency. Our Letchworth liquidators assess your financial position and recommend the correct procedure.
How much does company liquidation cost in Letchworth?
The cost of liquidation varies based on the complexity of the company's affairs, asset values, and the number of creditors. For a CVL, fees typically range from £4,000 to £8,000 plus VAT, but this can be higher if there are complex investigations. MVL costs are often lower, starting around £2,500. We provide transparent fixed-fee quotes after a free initial consultation, ensuring no hidden costs.
Can I continue trading after appointing a liquidator in Letchworth?
Once a liquidator is formally appointed, they take control of the company. Directors lose authority to trade or manage assets. However, the liquidator may continue trading for a short period if it is necessary to achieve a better outcome for creditors, such as selling stock or completing contracts. You cannot make new transactions without the liquidator's approval.
What are the legal duties of directors during liquidation in Letchworth?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that occurred within the last two years that could be considered preferences or transactions at undervalue. They must also attend meetings if required and refrain from taking any action that could prejudice creditors. Failure to comply can lead to personal liability or disqualification.
Will employees lose their jobs immediately in a Letchworth liquidation?
In most cases, employees are made redundant when a liquidation begins, as the company ceases to trade. The liquidator is responsible for handling employee claims, including unpaid wages, holiday pay, and redundancy payments, which may be recoverable from the National Insurance Fund. Some employees may be retained temporarily to assist the liquidator with asset realisation or administrative tasks.
How long does the liquidation process take in Letchworth?
A straightforward CVL can be completed in six to twelve months, depending on the complexity of asset sales and creditor claims. An MVL can often be concluded in three to six months. However, if there are legal disputes, investigations, or complex asset realisations, the process may extend to two years or more. Your liquidator will provide a timeline based on your specific circumstances.
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