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Frequently asked questions
What is the difference between a CVL and an MVL in Palmers Green?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it is initiated by directors to avoid compulsory court winding-up. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used to extract retained profits as capital gains rather than income tax. Our licensed liquidators in Palmers Green will assess your financial position and recommend the appropriate route.
How much does company liquidation cost in Palmers Green?
Costs vary depending on the complexity of your company's affairs, asset realisation, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, while an MVL may cost between £2,500 and £5,000. We provide a fixed fee quote after a free initial consultation, with no hidden charges.
Can I keep trading while my company is being liquidated?
Once a liquidation order is made, directors' powers cease, and the appointed liquidator takes control of the company's assets. You cannot continue trading after the liquidation begins, except for limited activities to preserve asset value with the liquidator's consent. Before liquidation, you must not trade if the company is insolvent, as this could lead to wrongful trading claims.
What happens to employees if my company goes into liquidation?
Employees are automatically dismissed once a liquidation order is made. The liquidator will handle redundancy claims through the National Insurance Fund (RPS1 forms), including unpaid wages, holiday pay, and statutory redundancy. We guide employees through the process and ensure they receive all entitlements they are owed.
How long does the liquidation process take in Palmers Green?
A CVL typically completes within 6 to 12 months, depending on the complexity of realising assets and investigating director conduct. An MVL can be concluded in as little as 3 to 6 months, provided all assets are distributed and no creditor claims arise. We provide a clear timeline during your initial consultation.
Are directors personally liable for company debts after liquidation?
Generally, no, as limited liability protects directors from personal responsibility for company debts. However, personal liability may arise if you have given personal guarantees, acted fraudulently, or engaged in wrongful trading. Our liquidators will review your conduct to ensure no issues, and we advise on how to minimise personal risk before liquidation.
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