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This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What is the difference between a CVL and an MVL in Lymington?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. An MVL (Members' Voluntary Liquidation) is for solvent companies where directors wish to close voluntarily, often for retirement or restructuring. In a CVL, creditors control the process and a liquidator sells assets to repay them. In an MVL, shareholders appoint a liquidator to distribute surplus assets tax-efficiently, provided the company can pay all debts in full within 12 months.
Can I keep trading while my company is being liquidated?
Once a liquidation order is made or a resolution is passed, trading must cease immediately, except for limited actions to preserve asset value or complete essential contracts. Your liquidator will guide you on permissible activities. Continuing to trade while insolvent can lead to personal liability for wrongful trading. In some cases, a pre-pack sale allows the business to continue under new ownership, but this requires prior approval from the liquidator and creditors.
What are the costs of hiring a company liquidator in Lymington?
Liquidation costs vary based on complexity, asset value, and creditor numbers. For a CVL, fees are typically based on a percentage of assets realised or a fixed fee agreed upfront. MVLs often have a fixed fee starting around £1,500 plus VAT. Always request a detailed quote before engaging a liquidator. Our Lymington practice offers transparent pricing with no hidden charges, and we provide a free initial consultation to estimate costs accurately.
How long does the liquidation process take in Lymington?
A straightforward MVL can complete in 6 to 9 months, including the statutory 12-month period for settling debts. A CVL typically takes 6 to 12 months, but complex cases with asset realisation or legal disputes may extend to several years. The liquidator must file final accounts and a report to Companies House, then apply for dissolution. We aim to expedite the process while ensuring full compliance with insolvency regulations.
What happens to employees during a company liquidation?
Employees are automatically dismissed when a liquidation order is made or a resolution is passed. The liquidator becomes responsible for statutory redundancy payments, notice pay, and unpaid wages, which are preferential debts. Employees can claim from the National Insurance Fund if the company lacks funds. Our team assists with employee communications, issues redundancy paperwork, and ensures all claims are processed correctly to minimise distress.
Can I be held personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly. However, liability can arise for wrongful trading, fraudulent trading, or if you have given personal guarantees. The liquidator may investigate director conduct and report to the Insolvency Service. If you have concerns, seek advice early. Our Lymington liquidators help you understand your duties and mitigate risks before and during the process.
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