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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL)?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that is insolvent, meaning it cannot pay its debts as they fall due. The process is initiated by the company's directors, who pass a resolution to wind up the company voluntarily. A licensed insolvency practitioner is then appointed as the liquidator to take control of the company's assets, sell them, and distribute the proceeds to creditors in the statutory order of priority. The CVL process typically lasts between 6 and 12 months, after which the company is dissolved and removed from the Companies House register.
How much do company liquidators in Padiham charge?
The cost of company liquidation varies depending on the complexity of the case, the size of the company, and the number of assets and creditors involved. For a Creditors Voluntary Liquidation, fees are often based on a fixed fee structure or a percentage of the realisations. Typically, fees range from £4,000 to £8,000 plus VAT, but this can be higher for larger or more complex insolvencies. In a Members Voluntary Liquidation, the fee is usually agreed upon upfront and is based on the work required. We always provide a clear, written quotation before any work begins, ensuring there are no hidden costs.
What is the difference between a CVL and an MVL?
The main difference lies in the solvency of the company. A Creditors Voluntary Liquidation (CVL) is used for insolvent companies, where liabilities exceed assets and the company cannot pay its debts. An MVL, or Members Voluntary Liquidation, is only available to solvent companies. In an MVL, the directors make a statutory declaration of solvency, stating that the company can pay all its debts in full within a specified period, usually 12 months. The MVL is often used by directors who wish to retire, move on to new ventures, or extract retained profits in a tax-efficient manner, as distributions can be treated as capital gains rather than income.
Can I continue trading after my company enters liquidation?
No, once a company enters liquidation, the liquidator takes over control of the company and its assets. The directors' powers cease, and they cannot continue to trade the business in the company's name. However, the liquidator may continue to trade for a short period if it is necessary to sell the business as a going concern or to complete existing contracts in order to achieve a better return for creditors. If you wish to continue in business, you may be able to buy back the assets from the liquidator or start a new company, but this must be done in compliance with insolvency laws to avoid issues such as phoenix trading restrictions.
What are the legal duties of directors during liquidation?
During liquidation, directors have a legal duty to cooperate fully with the liquidator. This includes providing all company books, records, and financial information, as well as answering any questions about the company's affairs. Directors must also attend meetings with the liquidator if required. It is crucial that directors do not conceal assets or destroy records, as this can lead to personal liability and even disqualification from being a director in the future. If the company has been trading wrongfully or fraudulently, directors may be held personally liable for some of the company's debts. Seeking professional advice early can help mitigate these risks.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given a personal guarantee for a business loan or overdraft, or if you have acted wrongfully, such as continuing to trade while knowing the company was insolvent (wrongful trading). Additionally, if you have misused company funds or assets, you may be required to repay them. Our role as liquidators is to investigate the conduct of directors, but we also aim to guide you through the process to avoid unnecessary personal exposure.
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