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Frequently asked questions
What is the difference between CVL and MVL for Orpington companies?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves appointing a licensed insolvency practitioner to wind up the company, sell assets, and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business, often for retirement or restructuring. In an MVL, the company can pay all debts in full, and the remaining funds are distributed to shareholders, often with tax advantages. Our Orpington liquidators can advise which route is appropriate for your situation.
How much do company liquidators in Orpington charge?
Fees vary based on the complexity of the liquidation, the size of the company, and the number of creditors. For a CVL, typical fees range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex cases. For an MVL, fees are often similar but may be lower if the company is straightforward. We always provide a fixed-fee quote before you commit, ensuring no hidden costs. Our initial consultation is free and confidential, and we will explain all costs upfront so you can make an informed decision.
Can I continue trading after appointing a liquidator?
No, once a liquidator is formally appointed, your powers as a director cease, and you cannot continue trading. The liquidator takes control of the company's affairs, including its assets and bank accounts. However, in some cases, the liquidator may allow trading to continue for a short period if it is necessary to maximise asset value or complete existing contracts, but this is at their discretion. It is illegal to trade while insolvent, so seeking advice early is crucial to avoid personal liability.
What happens to employees during a company liquidation in Orpington?
In a CVL, employees are typically made redundant as soon as the liquidation begins. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from the company's assets or through the National Insurance Fund if assets are insufficient. The liquidator will provide employees with the necessary forms (RP1, RP2) to claim from the government. We guide both directors and employees through this process to ensure all legal entitlements are met.
Will I be personally liable for company debts as a director?
Generally, directors are not personally liable for company debts, as a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees for loans or credit, or if you have acted wrongfully, such as trading while insolvent, fraudulent activity, or misusing company funds. In such cases, a liquidator may pursue you for compensation. Our Orpington liquidators will review your conduct and advise on any potential risks, helping you avoid personal liability where possible.
How long does the liquidation process take?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of the case, the number of creditors, and the ease of selling assets. An MVL can be faster, often concluding in 3 to 6 months, especially if there are no complications. The process involves appointing the liquidator, notifying creditors, holding a creditors' meeting, realising assets, and finalising distributions. We aim to complete all cases as quickly as possible while ensuring full compliance with insolvency law. After the liquidation is finalised, the company is dissolved and removed from the Companies House register.
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