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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) in Paddock Wood?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. Directors call a meeting of shareholders and creditors to appoint a licensed insolvency practitioner as liquidator. The liquidator sells company assets, investigates affairs, and distributes funds to creditors. After the CVL, the company is dissolved, and debts are written off, subject to the liquidator's findings.
How much does company liquidation cost in Paddock Wood?
Liquidation costs vary based on company complexity, asset value, and creditor structure. Typically, fees range from £4,000 to £8,000 plus VAT, often paid from company assets. If assets are insufficient, directors may need to fund the process. We provide a fixed-fee quote after a free initial assessment, ensuring no hidden charges.
Can I continue trading after starting liquidation?
Once a CVL is approved, the liquidator takes control, and directors cease trading immediately, except for actions approved by the liquidator to preserve value or complete essential contracts. Trading without authority can lead to personal liability for wrongful trading. For solvent closures via MVL, trading stops after shareholders pass the resolution.
What are the alternatives to liquidation for a Paddock Wood company?
Alternatives include company administration, which allows restructuring or a sale as a going concern, or a Company Voluntary Arrangement (CVA) to repay debts over time. Directors can also consider informal arrangements with creditors or dissolution if the company has no assets and no significant debts. Each option has different legal and financial implications.
How long does a company liquidation take in Paddock Wood?
A straightforward CVL typically completes in 6 to 12 months, but complex cases with asset realisation or legal issues may take longer. The liquidation process ends with dissolution, which occurs after the liquidator files final accounts with Companies House. MVLs often complete faster, sometimes within 6 months.
Will I be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts unless they have signed personal guarantees, acted fraudulently, or traded wrongfully. The liquidator will investigate director conduct. If you have acted in good faith and complied with duties, you can usually walk away without personal debt, but guarantees remain enforceable.
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