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THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
Frequently asked questions
What is the difference between a CVL and an MVL in Newquay?
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 meeting of creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors declare solvency and want to close the business, often for retirement or restructuring. Both processes require a licensed insolvency practitioner, but the legal steps and outcomes differ significantly.
How much does company liquidation cost in Newquay?
The cost of liquidation varies based on company size, complexity, and the type of liquidation. For a CVL, fees typically range from £3,000 to £6,000 plus VAT, which may be paid from company assets. MVL fees are often similar but can be lower for simple cases. We offer fixed-fee quotes and a free initial consultation to provide transparent pricing before you commit.
Can I keep trading after appointing liquidators in Newquay?
No, once a liquidator is appointed, they take control of the company. The directors' powers cease, and the liquidator is responsible for realising assets, settling debts, and distributing any remaining funds. Trading cannot continue unless the liquidator decides it is necessary to maximise asset value, but this is rare and requires their explicit approval.
What happens to employees when a company goes into liquidation in Newquay?
Employees are automatically made redundant when a company enters liquidation. The liquidator will assist with statutory redundancy claims, unpaid wages, and holiday pay through the National Insurance Fund (RPS). We ensure all employee entitlements are calculated correctly and guide them through the claims process, minimising disruption during a difficult time.
Are directors personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently or wrongfully. However, if directors continue trading while insolvent, misuse funds, or breach fiduciary duties, they may face personal liability. Our liquidators investigate director conduct and provide advice to avoid such risks before and during liquidation.
How long does the liquidation process take in Newquay?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often closing within 3 to 6 months. The timeline may extend if there are complex assets, legal disputes, or investigations. We provide regular updates and work efficiently to close your company as quickly as possible.
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