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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 when a company is insolvent and cannot pay its debts, and it is initiated by the directors to wind up the business in an orderly manner. An MVL is used when a company is solvent and the directors or shareholders wish to close it, often for retirement or restructuring, and it allows for tax-efficient distribution of assets. The key difference is solvency: CVL is for insolvent companies, MVL is for solvent ones.
How long does the liquidation process take in Longfield?
The duration of liquidation depends on the complexity of the company's affairs. For a straightforward Creditors Voluntary Liquidation, the process typically takes between 6 and 12 months to complete, including the final distribution to creditors. Members Voluntary Liquidation can often be completed in a shorter timeframe, sometimes within 3 to 6 months, if all assets are realized quickly and no disputes arise.
Can directors be held personally liable for company debts during liquidation?
Directors are generally not personally liable for company debts, as limited liability protects them. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or if directors have given personal guarantees for loans or credit. Our team will advise you on your specific situation and help you avoid any actions that could lead to personal exposure.
What are the costs involved in appointing a liquidator in Longfield?
The costs of liquidation are typically paid from the company's assets, not from the directors' personal funds. For a Creditors Voluntary Liquidation, fees are usually agreed upon in advance and are subject to creditor approval. In some cases, if assets are insufficient, directors may need to contribute to cover costs, but this is discussed transparently during the initial consultation. We provide clear fee structures with no hidden charges.
Will employees lose their jobs immediately when a liquidator is appointed?
When a liquidator is appointed, they will assess the company's ability to continue trading. In most insolvent liquidations, employees are made redundant shortly after the appointment, as the business ceases to trade. However, the liquidator will handle redundancy claims and ensure that employees receive their statutory entitlements, including notice pay and unpaid wages, through the National Insurance Fund if necessary.
Can a company continue trading after a liquidator is appointed?
In a Creditors Voluntary Liquidation, the company generally ceases trading immediately after the liquidator is appointed, except for limited activities to preserve asset value. In contrast, an MVL allows for the orderly winding down of affairs, but trading is not permitted once the liquidation begins. If you wish to continue trading, alternative solutions like administration or a company voluntary arrangement (CVA) may be more suitable, and we can advise on these options.
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