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Frequently asked questions
What is the difference between CVL and MVL in Potters Bar?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An insolvency practitioner is appointed to wind up the company, sell assets, and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business voluntarily. In an MVL, the company can pay all debts in full, and any surplus is distributed to shareholders, often with tax advantages.
How much do company liquidators in Potters Bar charge?
The cost of liquidation in Potters Bar varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a CVL, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex insolvencies. For an MVL, fees are often lower, starting around £2,500. We always provide a clear, fixed-fee quote before any work begins, with no hidden costs.
How long does the liquidation process take in Potters Bar?
The length of the liquidation process depends on the type of liquidation and the company's circumstances. A CVL can often be completed within 6 to 12 months, including the final distribution to creditors. An MVL can be faster, sometimes completed in 3 to 6 months if all debts are settled quickly. Complex cases involving litigation or asset realisation may take longer. Our team works efficiently to conclude the process as soon as possible.
Can I continue trading while my company is being liquidated?
Once a liquidation order is made or a liquidator is appointed, the directors' powers cease, and the liquidator takes control of the company's affairs. You cannot continue trading in the normal sense, but the liquidator may allow limited trading to complete contracts or sell stock to achieve a better return for creditors. It is crucial to seek advice before making any decisions, as wrongful trading can lead to personal liability.
What happens to employees during a company liquidation in Potters Bar?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. Employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other arrears from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with form RP1 and guide them through the claims process. Our team ensures all employee rights are handled correctly and compassionately.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted within the law and not engaged in wrongful trading or fraudulent activity. However, if you have given personal guarantees for business loans or leases, creditors can pursue you personally. The liquidator will investigate the directors' conduct and may take action if there is evidence of misfeasance. We advise directors to be transparent and seek professional advice early to minimise risks.
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