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Frequently asked questions
What is the difference between a solvent and insolvent liquidation?
A solvent liquidation, known as a Members Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. It is often used for tax planning when closing a profitable business. An insolvent liquidation, such as a Creditors Voluntary Liquidation (CVL), is used when a company cannot pay its debts. In a CVL, a licensed insolvency practitioner takes control to sell assets and distribute funds to creditors fairly.
How long does the liquidation process take in Morden?
The duration varies depending on the complexity of the company's affairs. A straightforward Creditors Voluntary Liquidation (CVL) can be completed in 6 to 12 months, including the final meeting and dissolution. A Members Voluntary Liquidation (MVL) for a solvent company often takes 3 to 6 months. However, if there are complex asset sales, legal disputes, or missing records, the process can take longer.
What are the legal duties of directors during liquidation?
Directors have a legal duty to act in the best interests of creditors once insolvency is known. They must cooperate fully with the liquidator, provide all company records, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can lead to personal liability, disqualification from being a director, or even criminal prosecution.
Can I continue to trade after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company's affairs. Directors lose their powers to manage the business. The liquidator will cease trading unless it is necessary to sell stock or complete contracts for the benefit of creditors. Continuing to trade without approval could result in personal liability for debts incurred.
How much does it cost to hire a company liquidator in Morden?
Costs vary based on the size and complexity of the company. For a Creditors Voluntary Liquidation, fees are typically paid from the company's assets. In some cases, directors may need to contribute if assets are insufficient. For a Members Voluntary Liquidation, fees are agreed upfront and often range from £1,500 to £5,000 plus VAT. We provide a free initial consultation and a fixed-fee quote before you commit.
What happens to employees during a company liquidation?
In an insolvent liquidation, employees are made redundant immediately or as soon as the liquidator stops trading. They are entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with a claim form (RP1) and guide them through the process.
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