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Frequently asked questions
What is the role of a company liquidator in Petersfield?
A company liquidator in Petersfield is a licensed insolvency practitioner appointed to wind up a company's affairs. Their primary role is to collect and realise the company's assets, investigate its financial history, agree claims from creditors, and distribute any available funds in the legally prescribed order. They also have a duty to report on the conduct of directors to the Insolvency Service. For a solvent company, the liquidator (in an MVL) distributes assets to shareholders after all debts are paid. For an insolvent company, the liquidator manages the process to ensure fair treatment of all creditors.
How much does it cost to appoint a liquidator for a company in Petersfield?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the volume of assets to be realised. For a Creditors Voluntary Liquidation (CVL), fees are typically based on a fixed fee structure or a percentage of the assets realised. Often, a director can agree a fixed fee upfront to cover standard work. For a Members Voluntary Liquidation (MVL), fees are usually time-based or a fixed quote. We always provide a clear, written quotation before you commit to appointing us, ensuring there are no hidden costs.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The liquidator's duty is to the creditors. A Members Voluntary Liquidation (MVL) is used when a company is solvent, and the directors make a statutory declaration of solvency. The liquidator's duty is primarily to the shareholders, although they must still settle all company debts first. In an MVL, any surplus assets are distributed to shareholders, often with tax advantages compared to a simple strike-off.
Can I appoint a liquidator myself, or do I need a court order?
In most cases, you do not need a court order. For a CVL, the shareholders pass a resolution to wind up the company, and then the creditors appoint the liquidator at a meeting. For an MVL, the shareholders appoint the liquidator directly. However, a court order is required for a Compulsory Liquidation, which is typically initiated by a creditor petitioning the court. If you are a director considering voluntary liquidation, you can appoint a licensed insolvency practitioner directly without going to court.
What happens to employees when a company in Petersfield goes into liquidation?
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 becomes responsible for the company's assets and must deal with employee claims. Employees who are owed wages, holiday pay, or notice pay can claim these amounts from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide the necessary forms (RP1, RP2) and guidance to employees to make these claims.
Will I be personally liable for company debts after liquidation in Petersfield?
Generally, no. The principle of limited liability protects directors from personal liability for company debts, provided they have not acted wrongfully. However, personal liability can arise if you have given a personal guarantee to a creditor, such as a bank or landlord. Additionally, if you have traded while insolvent and continued to incur debts with no reasonable prospect of repayment (wrongful trading), or acted fraudulently, the liquidator or court could seek a contribution from you personally. Taking professional advice early helps mitigate these risks.
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