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HUBBLE ACCOUNTANCY LTD
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Frequently asked questions
What is the difference between solvent and insolvent liquidation?
Solvent liquidation, typically a Members' Voluntary Liquidation (MVL), is used when a company is solvent and can pay all debts within 12 months. It allows for tax-efficient distribution of assets. Insolvent liquidation, such as a Creditors' Voluntary Liquidation (CVL), is used when a company cannot pay its debts. It involves appointing a liquidator to sell assets and distribute proceeds to creditors, while protecting directors from personal liability for company debts.
How much does it cost to liquidate a company in New Milton?
The cost of liquidation varies based on the complexity of the company, the number of creditors, and the type of liquidation. For a straightforward Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can be higher if there are complex asset structures. We provide a fixed-fee quote after an initial free consultation, ensuring no hidden costs. For solvent liquidations (MVL), fees are often based on the value of assets distributed.
Can I keep trading if my company is insolvent?
If your company is insolvent, continuing to trade can lead to wrongful trading claims against directors, making them personally liable for debts incurred after the point of insolvency. It is crucial to seek professional advice immediately. In some cases, trading may continue temporarily if it helps preserve asset value or secure a better outcome for creditors, but this must be done under the guidance of a licensed insolvency practitioner.
What happens to employees when a company is liquidated?
When a company enters liquidation, employees are automatically dismissed by the liquidator. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund (NIF). The liquidator will provide employees with the necessary forms (RP1, RP2) to make these claims. Our team can guide directors and employees through this process to ensure all legal rights are protected.
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 within the law and not engaged in fraudulent or wrongful trading. A Creditors' Voluntary Liquidation (CVL) provides a legal shield, protecting directors from creditor claims. However, if personal guarantees have been given for business loans or leases, creditors can pursue those guarantees. We recommend reviewing all personal guarantees with our team before proceeding.
How long does the liquidation process take in New Milton?
The length of a liquidation process depends on the type and complexity. A Creditors' Voluntary Liquidation (CVL) can be completed in as little as 6-8 weeks from the initial meeting of creditors, but the final closure may take longer if assets need to be sold or legal issues arise. A Members' Voluntary Liquidation (MVL) often takes 6-12 months due to the requirement to distribute assets and finalise tax matters. We provide a clear timeline during your consultation.
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