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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL)?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. Directors voluntarily place the company into liquidation, and a licensed insolvency practitioner is appointed to realise assets, investigate affairs, and distribute funds to creditors. The process typically ends with the company being dissolved and removed from the Companies House register.
How much do company liquidators in Margate charge for a CVL?
Our fees for a Creditors Voluntary Liquidation are fixed and agreed before the process begins. For most small to medium-sized companies, the cost is between £3,500 and £5,000 plus VAT, depending on the complexity of the case. This fee covers all statutory work, including the meeting of creditors, preparation of reports, and final dissolution. There are no hidden charges, and we will provide a clear quote during your initial consultation.
What are the legal duties of directors when a company is insolvent?
Directors have a duty to act in the best interests of creditors once they know the company is insolvent. This includes avoiding wrongful trading, not taking on new credit they cannot repay, and not making preferential payments to certain creditors. Directors must also cooperate with the liquidator, provide accurate financial records, and disclose all assets. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.
Can I continue to trade after my company has entered liquidation?
No, once a company enters liquidation, the liquidator takes control of the company's affairs. The directors' powers cease, and trading must stop immediately unless the liquidator specifically authorises it to complete existing contracts or preserve asset value. If you wish to continue trading, you would need to consider alternatives like administration or a company voluntary arrangement (CVA) before liquidation.
What happens to company assets and employees during liquidation?
During liquidation, the liquidator takes possession of all company assets, including property, equipment, stock, and intellectual property. These assets are sold to generate funds for creditors. Employees are made redundant, and they may be able to claim certain entitlements from the National Insurance Fund, such as unpaid wages, holiday pay, and redundancy pay. The liquidator will guide employees on how to make these claims.
How long does the company liquidation process take in Margate?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the company's affairs. This includes the initial meeting of creditors, asset realisation, investigation of transactions, and final distribution to creditors. After the liquidation is finalised, the company is formally dissolved, which usually occurs within three months of the final meeting.
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