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Frequently asked questions
What is a company liquidator and why would I need one in Ludlow?
A company liquidator is a licensed insolvency practitioner who manages the formal closure of an insolvent company. In Ludlow, you would need one if your company cannot pay its debts as they fall due and you decide to enter creditors voluntary liquidation (CVL). The liquidator takes control of the company's assets, sells them, distributes the proceeds to creditors, and investigates the directors' conduct. Their role is to ensure the process is legally compliant, fair to all parties, and to help directors avoid personal liability where possible.
How much does company liquidation cost in Ludlow?
The cost of company liquidation in Ludlow varies depending on the complexity of your case, the number of assets, and the level of creditor involvement. Typically, fees range from £4,000 to £8,000 plus VAT, but many firms offer a fixed fee for straightforward CVLs. This fee is paid from the company's assets, not from your personal funds. If the company has no assets, you may need to fund the liquidation personally, but our team can discuss payment options and provide a transparent quote before you commit.
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is a director-initiated process where the company's shareholders pass a resolution to wind up the company voluntarily, and creditors then vote to appoint a liquidator. Compulsory liquidation is a court-ordered process usually initiated by a creditor through a winding-up petition. In Ludlow, most directors choose CVL because it gives them more control, avoids court proceedings, and is often quicker and less costly. Compulsory liquidation is typically a last resort when a company cannot pay its debts and a creditor takes legal action.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed in a creditors voluntary liquidation, the directors' powers cease, and the liquidator takes full control of the company. The company stops trading immediately, except for activities that the liquidator deems necessary to preserve asset value or complete the winding-up process. However, you may be able to start a new business, but you should seek advice on restrictions, such as using a similar company name, which is prohibited for five years unless certain conditions are met.
What happens to employees when a company goes into liquidation in Ludlow?
When a company goes into liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring employees receive their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay, which are paid from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide employees with the necessary forms (RP1, RP2, and RP3) to claim these funds. As a director, you should ensure employee records are accurate and provided to the liquidator promptly.
Will I be personally liable for company debts after liquidation?
In most cases, no. The primary benefit of creditors voluntary liquidation is that it provides a legal shield, preventing creditors from pursuing directors for company debts once the liquidation is complete. However, personal liability can arise if you have given personal guarantees for loans or credit, if you have traded while insolvent (wrongful trading), or if you have misused company funds. A licensed liquidator will investigate your conduct and can apply to the court for a contribution order if they find evidence of misfeasance. Our advice is to seek professional help early to avoid such risks.
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