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Frequently asked questions
What is the difference between Creditors' Voluntary Liquidation (CVL) and compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent. It is a voluntary process that involves appointing a licensed insolvency practitioner to wind down the company's affairs. Compulsory liquidation, on the other hand, is a court-ordered process, usually initiated by a creditor who petitions the court to wind up the company. In a CVL, the directors retain some control over the timing and choice of liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver or an insolvency practitioner.
How long does the liquidation process take in Lyme Regis?
The duration of a liquidation process can vary depending on the complexity of the company's affairs. A straightforward Creditors' Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, provided that all necessary information and documentation are provided promptly. More complex cases, involving disputes, asset recovery, or investigations, can take longer. Our team at Company Liquidators in Lyme Regis will provide a clear timeline at the outset and keep you updated throughout the process.
What are the costs involved in appointing a liquidator?
The costs of liquidation are usually paid from the company's assets. In a Creditors' Voluntary Liquidation (CVL), the liquidator's fees are typically fixed or based on time spent, and they are paid as an expense of the liquidation before any distributions are made to creditors. If the company has no assets, the directors may need to fund the liquidation costs personally, but this is something we can discuss during a free consultation. We offer transparent, fixed-fee structures to ensure you know exactly what to expect.
Can directors be held personally liable for company debts during liquidation?
Directors are generally not personally liable for company debts if they have acted in accordance with their statutory duties. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or misuse of company funds. A licensed insolvency practitioner will investigate the directors' conduct and the company's financial affairs. If you are concerned about potential liability, it is crucial to seek professional advice early. Our experts can help you understand your responsibilities and mitigate risks.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically made redundant from the date the liquidation order is made or the resolution is passed. The liquidator will terminate employment contracts and ensure that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and other entitlements. These claims are paid as preferential debts, and the Redundancy Payments Service may cover certain payments if the company cannot. Our team will guide employees through the process and help them claim what they are owed.
Is it possible to continue trading after a company liquidation?
No, once a company enters liquidation, it ceases to trade immediately, except for the purpose of the beneficial winding up of the business. The liquidator takes control of the company's assets and affairs. However, directors may start a new business, subject to certain restrictions, such as using a 'phoenix' company name, which is regulated. If you wish to continue trading, we can discuss alternative insolvency procedures like administration or a Company Voluntary Arrangement (CVA) that may allow the company to survive.
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