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Frequently asked questions
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the directors when the company is insolvent, and shareholders pass a resolution to wind up. A licensed insolvency practitioner is appointed to manage the process, and creditors are invited to a meeting. Compulsory liquidation, on the other hand, is a court-ordered process, usually initiated by a creditor who petitions the court because the company cannot pay its debts. In compulsory liquidation, the official receiver or an appointed liquidator takes control, and the process is more formal and less flexible than a CVL.
How long does a company liquidation take in Portslade?
The duration of a liquidation depends on the complexity of the company's affairs. A creditors voluntary liquidation typically takes between 6 and 12 months to complete, but it can be longer if there are complex asset sales or legal issues. A members voluntary liquidation for a solvent company often completes in a similar timeframe. Compulsory liquidation may take longer due to court processes. Our team aims to conclude matters as efficiently as possible, providing regular updates throughout the process.
Can directors be held personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if the company is liquidated properly. However, personal liability can arise if there has been wrongful trading, fraudulent trading, or if directors have given personal guarantees for business loans. Additionally, if directors have misused the company's assets or failed to keep proper records, the liquidator may seek a contribution from them. It is essential to seek professional advice early to avoid potential issues and ensure you act within the law.
What is a members voluntary liquidation (MVL) and when is it used?
A members voluntary liquidation (MVL) is a procedure for solvent companies where directors make a statutory declaration of solvency, confirming the company can pay its debts in full within 12 months. Shareholders then pass a resolution to wind up, and a licensed insolvency practitioner is appointed as liquidator. An MVL is often used by business owners who wish to retire or move on to other projects, as it allows for the tax-efficient distribution of retained profits and capital to shareholders.
What are the costs of appointing a company liquidator in Portslade?
The cost of liquidation varies based on the size and complexity of the company. For a creditors voluntary liquidation, fees are typically based on the value of the assets realised and the amount of work involved. Many firms offer a fixed fee or a payment plan. It is important to discuss fees upfront and obtain a clear written quote. At Company Liquidators in Portslade, we provide transparent pricing and will explain all costs before you commit, ensuring there are no hidden surprises.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator will provide employees with the necessary documentation to claim redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund (via the Insolvency Service). Employees who are retained to assist the liquidator may be paid from the company's assets. Our team can advise employees on their rights and the claims process.
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