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FLEXIE ACCOUNTANTS LTD
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Frequently asked questions
What is the difference between solvent and insolvent liquidation in Preston?
Solvent liquidation, known as Members' Voluntary Liquidation (MVL), is used when a company can pay all its debts in full within 12 months. It is often chosen by directors who want to close a successful business and extract retained profits tax-efficiently. Insolvent liquidation, usually a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In a CVL, a licensed insolvency practitioner takes control, sells assets, and distributes funds to creditors, while investigating the directors' conduct.
How long does the company liquidation process take in Preston?
The timeline depends on the type of liquidation. A Members' Voluntary Liquidation (MVL) typically completes within 6 to 12 months, including the final dissolution. A Creditors' Voluntary Liquidation (CVL) often concludes within 12 to 18 months, but the initial creditors' meeting and appointment of the liquidator can happen within 2 to 4 weeks of your instruction. Compulsory liquidation via court can take longer, often 6 months or more.
Can I keep trading after appointing a liquidator in Preston?
No. Once a liquidator is formally appointed, their control over the company begins immediately. You must stop trading unless the liquidator specifically authorises you to continue for a limited period to complete contracts or preserve asset value. Trading without permission can lead to personal liability for debts incurred after the liquidation starts.
What are the costs of company liquidation in Preston?
Costs vary based on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are typically paid from the company's assets, but if assets are insufficient, directors may need to contribute. An MVL also uses company assets to pay fees. We always provide a clear, fixed-fee quote before you commit, with no hidden charges. Contact us for a free, tailored estimate.
Will I be personally liable for company debts after liquidation?
In most cases, no. A limited company is a separate legal entity, so directors are not personally responsible for its debts unless they have given personal guarantees, acted fraudulently, or traded wrongfully. However, if you have provided personal guarantees for loans or leases, creditors can pursue you personally. Our experts will review your situation to identify any potential risks before you proceed.
What happens to employees during a Preston company liquidation?
Employees are considered preferential creditors and are entitled to claim unpaid wages, holiday pay, and redundancy payments from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot pay. The liquidator will terminate employment contracts and provide necessary documentation. We guide you through employee communication and ensure all statutory claims are filed correctly.
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