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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation and a compulsory liquidation in Mosborough?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors when they determine the business is insolvent, and shareholders pass a resolution to wind up voluntarily. A compulsory liquidation is a court-ordered process, typically initiated by a creditor who files a winding-up petition. In a CVL, the company and its directors choose the liquidator, whereas in a compulsory liquidation, the Official Receiver is initially appointed, and creditors may later appoint a licensed insolvency practitioner.
How much do company liquidators in Mosborough charge for their services?
Fees for liquidation in Mosborough are typically based on the complexity of the case and the amount of asset realisation required. Common structures include a fixed fee for straightforward CVLs, an hourly rate for professional time, or a percentage of the assets recovered. The liquidator's fee is paid from the company's assets as a preferential expense, but if assets are insufficient, creditors may agree to a contribution. Always request a detailed fee proposal before appointment.
Can a director be held personally liable for company debts during liquidation in Mosborough?
Yes, but only under specific circumstances. Directors can be personally liable if they have signed personal guarantees for loans or credit, if they engaged in wrongful trading (continuing to trade while knowing the company cannot avoid insolvency), or if they have misappropriated assets. The liquidator has a duty to investigate director conduct and can apply to the court for a contribution order if misconduct is found. However, most directors are not personally liable for ordinary unpaid trade debts.
What happens to employees' contracts and redundancy pay when a company goes into liquidation in Mosborough?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. Employees become unsecured creditors for unpaid wages, holiday pay, and notice pay. They can claim statutory redundancy payments and unpaid entitlements from the National Insurance Fund (via the Redundancy Payments Service), which is a government scheme. The liquidator will provide employees with the necessary claim forms and guidance on how to apply.
How long does the liquidation process take for a company in Mosborough?
The duration varies depending on the complexity of the company's affairs. A straightforward CVL with minimal assets may be completed in as little as six to nine months, including the final meeting of creditors and the dissolution of the company. Cases with significant asset sales, legal disputes, or complex investigations can take several years. The liquidator must file a final account with Companies House, and the company is formally dissolved after that is approved.
Can I continue to trade my Mosborough company while it is in liquidation?
No, once a company is placed into liquidation, the liquidator takes control of all company assets and business operations cease immediately. The directors lose their powers to manage the company. However, the liquidator may continue trading for a short period if it is necessary to sell the business as a going concern or to complete work in progress. Any trading after liquidation is solely under the liquidator's authority and for the benefit of creditors.
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