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Frequently asked questions
What is the difference between solvent and insolvent liquidation in Mablethorpe?
Solvent liquidation, typically a members voluntary liquidation (MVL), is used when a company can pay all debts within 12 months. It allows for tax-efficient distribution of assets to shareholders. Insolvent liquidation, such as a creditors voluntary liquidation (CVL), is used when the company cannot pay its debts. A CVL is initiated by directors and involves a licensed insolvency practitioner who realises assets and distributes proceeds to creditors in the legal order of priority.
How much does company liquidation cost in Mablethorpe?
The cost of liquidation in Mablethorpe varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a simple CVL, fees can range from £3,000 to £7,000 plus VAT, but this often depends on the number of creditors and assets. Many liquidators offer a fixed fee for straightforward cases, and the fee is typically paid from company assets. Always obtain a written quote before proceeding.
Can I continue trading after my company enters liquidation?
No. Once a company enters formal liquidation, such as a CVL or compulsory liquidation, the liquidator takes control of the company. Directors lose their powers to trade or make decisions. However, before liquidation, directors can continue trading if it does not worsen creditor positions. In some cases, a pre-pack administration may allow the sale of the business as a going concern, but this is different from liquidation.
What are the legal duties of directors during liquidation in Mablethorpe?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and access to assets. They must not dispose of company property or hide debts. Directors are also required to complete a statement of affairs detailing assets and liabilities. If wrongful trading or fraudulent activity is suspected, directors may face personal liability, disqualification, or legal action. Seeking professional advice early can help mitigate risks.
Will I be personally liable for company debts if I liquidate?
In most cases, directors are not personally liable for company debts if the company is a limited liability entity. However, personal liability can arise if you have signed personal guarantees for loans or leases, or if you have engaged in wrongful trading, fraudulent trading, or misused the company's assets. A liquidator will investigate your conduct and may pursue recovery of funds if breaches are found.
How long does the liquidation process take in Mablethorpe?
The duration of liquidation depends on the complexity of the company's affairs. A straightforward CVL can be completed within 6 to 12 months, but it may take longer if there are complex asset sales, legal disputes, or investigations. The liquidator must also finalise all creditor claims and submit final reports to Companies House. Your liquidator will provide a timeline based on your specific circumstances.
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