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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and compulsory liquidation in Lowestoft?
A CVL is a voluntary process initiated by directors when the company is insolvent. Directors pass a resolution to wind up the company and appoint a licensed liquidator. Compulsory liquidation is a court-ordered process, usually petitioned by creditors (such as HMRC) when the company owes more than £750 and fails to pay. In a CVL, directors retain control over the choice of liquidator and the timeline, while in compulsory liquidation, the court appoints an Official Receiver. Most Lowestoft companies opt for a CVL to avoid the stigma and costs of court proceedings.
How much does it cost to appoint a company liquidator in Lowestoft?
Our fees for a Creditors' Voluntary Liquidation in Lowestoft are typically fixed and based on the complexity of the case and the value of company assets. For straightforward CVLs with no significant asset sales, fees can start from around £3,000 plus VAT and disbursements. This covers all statutory work, including the statement of affairs, creditor meetings, and final account preparation. We provide a clear written quote before you commit, and in many cases, fees can be paid from company assets if available. There are no hidden charges, and we never ask directors to fund liquidation personally unless the company has no assets.
What are the legal duties of directors when a company is insolvent in Lowestoft?
Directors of an insolvent company in Lowestoft have a legal duty to act in the interests of creditors from the moment insolvency is apparent. This means you must not take on new credit, dispose of assets at undervalue, or make preferential payments to certain creditors. You should also keep accurate financial records and seek professional advice promptly. Failing to do so can lead to personal liability for wrongful trading, disqualification as a director, or even criminal prosecution. Our liquidators help you navigate these duties, ensuring you comply with the Insolvency Act 1986 and minimise personal risk.
Can I keep my business assets or continue trading after liquidation in Lowestoft?
Once a company enters liquidation, all control of assets passes to the liquidator, who will sell them to repay creditors. You cannot continue trading under the same company name without court permission or the consent of the liquidator. However, you may be able to buy back certain assets from the liquidator at market value, and you can start a new business using a different name, provided you do not use a 'phoenix' company name that is the same or similar to the old one. Our team advises on the legal restrictions and helps you structure any new venture properly.
How long does the liquidation process take for a company in Lowestoft?
The duration of a liquidation in Lowestoft depends on the complexity of the case. For a straightforward Creditors' Voluntary Liquidation, the initial meeting and appointment can happen within 2-4 weeks of receiving all necessary documents. The liquidator then realises assets, investigates affairs, and distributes funds to creditors. This process typically takes 6-12 months to conclude, but it can be longer if there are complex asset sales, legal disputes, or incomplete records. We provide regular updates throughout and aim to close the case as efficiently as possible.
What happens to employees when a company goes into liquidation in Lowestoft?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order or resolution. They become preferential creditors for unpaid wages (up to a statutory limit), holiday pay, and pension contributions. They may also claim redundancy pay and notice pay from the National Insurance Fund through the Redundancy Payments Service. The liquidator provides each employee with a claim form and guidance on how to apply. We ensure all employee entitlements are calculated correctly and prioritised in the distribution of funds, minimising distress for affected staff.
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