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Frequently asked questions
What is the difference between a CVL and an MVL in Mitcham?
A Creditor Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets, and it is initiated by directors to avoid compulsory winding up. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors can swear a statutory declaration of solvency, allowing for tax-efficient distribution of retained profits. Our liquidators in Mitcham assess your financial position and recommend the appropriate procedure.
How much does company liquidation cost in Mitcham?
Liquidation costs vary based on company complexity, asset value, and creditor structure. For a simple CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee arrangements in many cases. MVL costs are often lower for straightforward solvent closures. We provide a detailed written quote before any work begins, with no hidden charges.
Can directors be held personally liable for company debts in liquidation?
Directors are generally not personally liable for company debts if they have acted within the law. However, liability can arise for wrongful trading, fraudulent trading, or misfeasance. Our liquidators investigate director conduct and provide guidance to avoid personal exposure. If you are concerned, seek advice early to ensure you are not breaching your duties.
How long does the liquidation process take in Mitcham?
A Creditor Voluntary Liquidation typically completes within 6 to 12 months, depending on asset realisation and creditor claims. Members' Voluntary Liquidations can be concluded in as little as 3 to 6 months if the company is straightforward. The statutory meeting of creditors usually occurs within 14 days of the resolution to liquidate, and we manage all timelines efficiently.
What happens to employees when a company goes into liquidation?
Employees are made redundant upon liquidation, and they become preferential creditors for unpaid wages, holiday pay, and pension contributions. The liquidator notifies the Redundancy Payments Service so employees can claim statutory entitlements. We also provide employees with clear information about their rights and how to claim, ensuring a smooth transition.
Can I liquidate a company that has no assets or cash?
Yes, but if the company has no assets to fund the liquidation, creditors may not receive a dividend, and directors may need to consider a compulsory strike-off instead. However, if there are outstanding debts or legal risks, a CVL is still advisable to protect directors. Our Mitcham liquidators can guide you on the most cost-effective solution, including creditor funding options.
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