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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies, where the company cannot pay its debts. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies, where the directors make a statutory declaration of solvency, and the company's assets are distributed to shareholders after all debts are paid. MVL is often used for tax-efficient distribution of retained profits.
How much does company liquidation cost in Lingfield?
The cost of liquidation varies depending on the complexity of the company's affairs, the size of the asset base, and the number of creditors. For a straightforward Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, and these fees are often paid from the company's assets. Members Voluntary Liquidation (MVL) costs are usually lower, starting from around £1,500. We always provide a clear, fixed fee quote before any work begins.
Can I continue to trade after my company enters liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs. Directors' powers cease, and you cannot continue to trade or make any decisions about the company's assets. However, the liquidator may continue trading for a short period if it is necessary to achieve a better outcome for creditors, such as completing existing contracts. You must seek professional advice before taking any action.
What are the duties of directors during a liquidation process?
Directors have a legal duty to cooperate fully with the liquidator. This includes providing all company records, financial statements, and information about assets and liabilities. Directors must also attend interviews if required and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
How long does the liquidation process take in Lingfield?
The length of the process depends on the type of liquidation. A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to conclude, although complex cases may take longer. A Members Voluntary Liquidation (MVL) can often be completed in as little as 3 to 6 months, depending on the realisation of assets and settlement of claims. The liquidator will provide a timeline based on your specific circumstances.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from their roles. The liquidator is responsible for ensuring that employees receive their statutory entitlements, such as unpaid wages, holiday pay, and redundancy pay. These claims are preferential and are usually paid from the company's assets or through the National Insurance Fund if the company lacks sufficient funds. Employees should contact the liquidator for guidance on making claims.
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