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Frequently asked questions
What is the difference between a compulsory liquidation and a creditors voluntary liquidation in Purleigh?
A compulsory liquidation is a court-ordered process usually initiated by a creditor through a winding-up petition, often due to unpaid debts. A creditors voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent, but they choose to wind up voluntarily. In a CVL, a licensed insolvency practitioner is appointed by shareholders and confirmed by creditors, allowing for a more controlled and often less costly process than compulsory liquidation.
How much does it cost to appoint a company liquidator in Purleigh?
The cost varies depending on the complexity of your company's affairs, asset value, and creditor structure. For a simple creditors voluntary liquidation, fixed fees typically range from £3,000 to £6,000 plus VAT, but this can increase if there are multiple properties, litigation, or complex asset recovery. We always provide a written fixed-fee quote after a free initial consultation, with no hidden charges, and we can discuss payment options including spreading the cost over the liquidation period.
Can I continue trading if my company is insolvent in Purleigh?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading under the Insolvency Act 1986. Directors must act in the best interests of creditors, not just shareholders. Once you know the company cannot pay its debts as they fall due, you should seek immediate professional advice. A liquidator can help you assess whether trading on is viable for a short period to complete work or sell assets, but this must be done with proper guidance to avoid legal consequences.
What happens to employees when a company is liquidated in Purleigh?
In a creditors voluntary liquidation, employees are automatically dismissed from the date the liquidation begins. The liquidator becomes responsible for making employees redundant and claiming statutory redundancy payments, unpaid wages, holiday pay, and pension contributions from the National Insurance Fund (via the Redundancy Payments Service). Employees are considered preferential creditors for certain claims, but there are statutory caps. The liquidator will provide each employee with a claim form and explain the process clearly.
How long does a company liquidation take in Purleigh?
A straightforward creditors voluntary liquidation typically takes between 6 to 12 months to complete, depending on how quickly assets are sold and creditor claims are resolved. More complex cases involving property sales, legal disputes, or investigations can take 18 months or longer. The liquidator must hold a final meeting and file final accounts with Companies House. We aim to conclude as efficiently as possible while ensuring full compliance with statutory requirements.
Will I be personally liable for company debts after liquidation in Purleigh?
In most cases, directors are not personally liable for company debts if they have acted properly and not engaged in wrongful or fraudulent trading. However, if you have given personal guarantees for business loans or leases, creditors can pursue you personally. Additionally, if the liquidator finds evidence of misfeasance, preference payments, or transactions at undervalue, you could be held liable. Our role is to investigate but also to protect directors who have acted honestly. We advise on how to minimise personal risk before and during liquidation.
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