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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. Directors call a meeting of shareholders to pass a resolution for voluntary winding up, and then creditors meet to approve the liquidator. An MVL is for solvent companies where directors and shareholders decide to close the business, typically for retirement or restructuring. In an MVL, a liquidator is appointed to distribute assets to shareholders after all debts are settled.
How long does the liquidation process take in Market Deeping?
The length varies based on complexity. A straightforward CVL or MVL typically takes 6 to 12 months to complete, including the realisation of assets, settling creditor claims, and final dissolution of the company. If there are complex asset sales, legal disputes, or missing records, it may extend beyond 12 months. Your liquidator will provide a timeline after reviewing your company's financial position.
Can I continue trading while my company is in liquidation?
Once a liquidator is appointed, directors lose their powers to manage the company. The liquidator takes control of the business assets and operations. However, the liquidator may allow limited trading to complete contracts or sell stock to achieve a better return for creditors. You cannot initiate new trading activities without the liquidator's explicit approval.
What are the costs of appointing a company liquidator in Market Deeping?
Liquidation costs depend on the size of the company, the number of creditors, and the complexity of asset realisation. Many firms offer fixed fees for simple CVLs or MVLs, often starting from around £3,000 to £6,000 plus VAT. These fees are typically paid from company assets, but if assets are insufficient, directors may need to contribute personally. Always request a detailed written quote before proceeding.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts if they have acted lawfully and have not given personal guarantees. However, if you have given personal guarantees on loans or leases, creditors can pursue you for those amounts. Additionally, if wrongful trading or fraudulent activity is found, directors can be held personally liable. Our liquidators will review your situation to assess any risks.
What happens to employees when a company goes into liquidation?
Employees are automatically made redundant when a company enters liquidation. The liquidator will issue termination notices and provide claims forms for redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are made to the National Insurance Fund (via the Insolvency Service) and are treated as preferential debts. The liquidator will guide employees through the process.
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