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Frequently asked questions
What is the difference between CVL and MVL in Market Harborough?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a licensed insolvency practitioner who winds up the company and distributes assets to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors want to close voluntarily, often for tax efficiency or retirement. In an MVL, the company can pay all debts in full, and any surplus is distributed to shareholders.
How much does company liquidation cost in Market Harborough?
Liquidation costs vary depending on the complexity of the company's affairs, the number of assets, and creditor structure. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed fees. MVL costs are often higher due to additional legal and tax work. Always request a detailed quote upfront and ensure there are no hidden charges for asset realisation or statutory filings.
Can I continue trading if my company is in liquidation?
No. Once a winding-up order is made or a CVL is approved, the company must cease trading immediately. The appointed liquidator takes control of the company's assets and affairs. Continuing to trade after liquidation begins can lead to personal liability for debts incurred during that period, and directors may face disqualification proceedings. However, before liquidation is formalised, you may trade under the guidance of an insolvency practitioner to preserve value.
What happens to employees when a company goes into liquidation?
In liquidation, all employees are automatically dismissed from the date the winding-up order is made or the CVL resolution is passed. The liquidator will help employees claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Employees are also preferential creditors for certain claims, which increases their chance of recovering some money from the company's assets.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted properly and not engaged in wrongful trading, fraudulent trading, or misappropriation of assets. However, if you have given personal guarantees for loans or leases, creditors can pursue you personally for those amounts. Additionally, if you have taken director's loans or used company funds for personal benefit, the liquidator may seek repayment from you.
How long does the liquidation process take in Market Harborough?
The duration depends on the complexity of the case. A simple CVL can be completed in 6 to 12 months, but cases with complex asset sales, legal disputes, or investigations may take several years. The liquidator must file final accounts and notify Companies House, which typically happens within 12 months of appointment. For MVLs, the process is often quicker, around 3 to 6 months, if all assets are easily realised and no creditor claims arise.
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