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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in Loughton?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. In Loughton, our licensed insolvency practitioners will convene a board meeting and then a shareholders' meeting to pass a resolution for voluntary winding up. A creditors' meeting is then held where a liquidator is appointed. The liquidator takes control of the company's assets, sells them, and distributes the proceeds to creditors in the statutory order. The company is then dissolved, and the process typically takes 6 to 12 months.
What are the legal duties of a director when their company becomes insolvent in Loughton?
When a company in Loughton becomes insolvent, directors must immediately cease trading if they cannot pay debts as they fall due. They must act in the best interests of creditors rather than shareholders, avoid taking on further credit, and not make preferential payments to any one creditor. Directors must also maintain accurate financial records and cooperate fully with the appointed liquidator. Failure to do so can lead to personal liability for wrongful trading or disqualification as a director.
Can I close a solvent company in Loughton using a Members Voluntary Liquidation (MVL)?
Yes, if your company in Loughton is solvent and you wish to close it, a Members Voluntary Liquidation (MVL) is the most tax-efficient method. This process requires a declaration of solvency from the directors, confirming the company can pay all debts in full within 12 months. A licensed insolvency practitioner is appointed as liquidator to distribute the remaining assets to shareholders, often qualifying for Business Asset Disposal Relief (formerly Entrepreneurs' Relief) to reduce Capital Gains Tax. We can advise on whether MVL is suitable for your situation.
How much do company liquidators in Loughton charge for a CVL?
The cost of a Creditors Voluntary Liquidation in Loughton varies depending on the complexity of the company's affairs, asset values, and the number of creditors. Our fees are typically fixed and agreed upfront, with no hidden costs. For a standard CVL, fees can range from £3,000 to £6,000 plus VAT and disbursements, but we always provide a clear written quote after an initial free consultation. The liquidator's fees are paid from the company's assets, but if there are insufficient assets, the directors may need to fund the process personally.
What happens to employees if my company in Loughton goes into liquidation?
When a company in Loughton enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator will provide each employee with a claim form (RP1) to apply for statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will also assist with any preferential claims for employee arrears up to the statutory limits. We will guide you through the process and ensure your staff are treated fairly.
Can I continue trading after my company has entered liquidation in Loughton?
No, once a company in Loughton has entered Creditors Voluntary Liquidation, the liquidator takes control and the directors' powers cease. The company cannot continue trading, except for the limited purpose of the liquidator completing the winding-up process, such as selling stock or completing contracts to maximise asset value. If you wish to continue in business, you may be able to buy back the company's assets from the liquidator or start a new company, but you must not reuse the same company name without following the legal restrictions under the Insolvency Act 1986.
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