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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors but controlled by creditors, and a licensed insolvency practitioner acts as liquidator to sell assets and distribute funds. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can confirm solvency, allowing for a tax-efficient return of capital to shareholders and the legal closure of the company. In Purley, our experts guide you through both processes.
How much do company liquidators in Purley charge for their services?
The cost of liquidation varies depending on the complexity of the company, the number of assets, and the level of creditor involvement. For a Creditors Voluntary Liquidation, fees are often based on a fixed fee or a percentage of realisations, and they are paid from the company's assets. For a Members Voluntary Liquidation, we provide a fixed quote before starting. We always provide transparent pricing with no hidden charges, and our initial consultation is free.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, their role is to wind down the company's affairs. The directors' powers cease, and the liquidator takes control of the company's assets and bank accounts. However, in some cases, the liquidator may allow the company to continue trading for a short period to sell stock or complete contracts, but this is at the liquidator's discretion and always in the best interest of creditors.
What happens to company debts and creditor claims after liquidation?
In a Creditors Voluntary Liquidation, unsecured debts are written off at the end of the process, provided the liquidation is properly conducted. Secured creditors (like banks with charges) may recover assets or proceeds from asset sales. The liquidator assesses all creditor claims, verifies their validity, and distributes any available funds according to statutory priority. Once the liquidation is complete, the company is dissolved, and outstanding unsecured debts are legally extinguished.
Are directors personally liable for company debts in Purley?
Generally, directors are not personally liable for company debts, as a limited company is a separate legal entity. However, personal liability can arise if directors have given personal guarantees, traded wrongfully or fraudulently, or misused company funds. If you are concerned about personal exposure, our insolvency experts can advise on your specific situation and help you avoid any actions that could lead to director disqualification or personal claims.
How long does the liquidation process take in Purley?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members Voluntary Liquidation can be faster, often completed in 3 to 6 months. The process involves filing statutory forms, notifying creditors, holding a meeting of creditors or members, and finalising accounts. Our team ensures all steps are completed efficiently to minimise delays.
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