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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors voluntarily place the company into liquidation to protect it from creditor action, and a licensed insolvency practitioner is appointed to realise assets and distribute funds to creditors. In contrast, a Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business, often for retirement or restructuring. In an MVL, the company can pay all its debts in full, and any surplus is distributed to shareholders, often with tax advantages.
How much does it cost to appoint a company liquidator in Liversedge?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a Creditors Voluntary Liquidation (CVL), fees are often based on a fixed fee or a percentage of the assets realised, and they must be approved by creditors. For a Members Voluntary Liquidation (MVL), fees are typically agreed on a fixed basis before the liquidation begins. We always provide a clear, transparent quote after an initial assessment, with no hidden costs, and we offer a free no-obligation consultation to discuss your situation.
Can I liquidate a company that has no assets or very little money?
Yes, it is possible to liquidate a company with minimal assets, but you need to consider the funding of the liquidation costs. In a Creditors Voluntary Liquidation (CVL), if the company has no assets to cover the liquidator's fees, the directors may need to contribute funds personally to ensure the liquidation can proceed. This is often a better option than simply striking off the company, as it properly deals with any outstanding liabilities and avoids potential director misconduct issues. Our team can advise on the most cost-effective route for your specific situation.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. The liquidator will provide each employee with a claim form to submit to the Redundancy Payments Service (RPS) for statutory entitlements such as redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator will also assist employees in understanding their rights and ensure that all necessary documentation is provided. If you are an employee affected by a liquidation in Liversedge, our team can guide you through the claims process.
What are the legal duties of directors during a company liquidation?
Directors have a legal duty to act in the best interests of creditors when a company is insolvent. During liquidation, directors must cooperate fully with the liquidator, providing all company records, financial information, and explanations as required. They must not hide assets or prefer certain creditors over others. Failure to comply can lead to personal liability for wrongful trading or disqualification as a director. Our experienced liquidators will help you understand your obligations and ensure you comply with all legal requirements to avoid any adverse consequences.
Can I continue to trade after my company has been placed into liquidation?
No, once a company has been placed into liquidation, the liquidator takes control of the company's affairs, and trading must cease immediately, except in very limited circumstances where the liquidator may continue trading temporarily to sell stock or complete contracts for the benefit of creditors. As a director, you lose your powers to make decisions about the company's operations. If you wish to continue trading, you would need to set up a new company, but you must be aware of restrictions such as buying assets from the liquidator at market value and avoiding 'phoenix' situations without proper disclosure.
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