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Frequently asked questions
What are the different types of company liquidation in Northumberland?
The main types are Creditors Voluntary Liquidation (CVL), which is initiated by directors when a company is insolvent; Compulsory Liquidation, which is forced by creditors through a court winding-up order; and Members Voluntary Liquidation (MVL), which is used for solvent companies that want to close. Each has different procedures and implications, so it is essential to get professional advice to determine which route applies to your situation.
How much do company liquidators in Northumberland charge?
Fees vary depending on the complexity of the liquidation, the size of the company, and the amount of work involved. For a Creditors Voluntary Liquidation, typical fees can range from £4,000 to £8,000 plus VAT and disbursements, but this can be higher for larger or more complex cases. We always provide a clear, fixed fee quote before you commit, ensuring there are no hidden costs. In some cases, the fees can be paid from company assets.
Can I continue to trade if my company is in liquidation?
Once a company enters compulsory liquidation, trading must cease immediately. In a Creditors Voluntary Liquidation, the directors can continue to trade under the supervision of the liquidator, but only if it is beneficial for the winding-up process, such as completing existing contracts or selling stock. However, trading while insolvent can lead to personal liability for wrongful trading, so you must seek immediate professional advice.
What happens to employees when a company goes into liquidation in Northumberland?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay, which may be claimed from the National Insurance Fund. Employees should also claim for any outstanding pension contributions.
How long does the liquidation process take in Northumberland?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to conclude, depending on the complexity of the company's affairs, the realisation of assets, and the investigation of the directors' conduct. Compulsory liquidation can take longer, especially if there are disputes or legal challenges. Members Voluntary Liquidation for solvent companies can often be completed within 6 to 9 months, but this is subject to statutory requirements.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted wrongfully, fraudulently, or given personal guarantees. However, if you have given personal guarantees for loans or leases, you will remain liable for those debts. Also, if you continue trading while insolvent or misappropriate assets, you could face personal liability through wrongful trading or misfeasance claims.
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