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Frequently asked questions
What are the first steps to take when considering company liquidation in Reigate?
The first step is to seek professional advice immediately. You should review your company's financial position, including outstanding debts and assets. Contact a licensed insolvency practitioner for a confidential consultation. They will assess whether liquidation is necessary or if alternatives like administration or a Company Voluntary Arrangement (CVA) could be more suitable. Acting early can help protect you from personal liability and wrongful trading claims.
How much does a Creditors' Voluntary Liquidation (CVL) cost in Reigate?
The cost of a CVL varies depending on the complexity of the company's affairs, but typically ranges from £4,000 to £8,000 plus VAT and disbursements. This fee is paid from the company's assets, not from directors' personal funds. In cases where assets are insufficient, creditors may agree to a reduced fee, or directors may need to contribute. Always obtain a fixed-fee quote upfront to avoid unexpected costs.
Can I continue to trade my company while it is being liquidated?
Once a company enters liquidation, directors lose their powers and cannot trade. However, before liquidation, you can continue to trade as long as you do not incur further credit that you cannot repay. Trading while insolvent and taking on new debts without reasonable prospect of repayment can lead to personal liability for wrongful trading. It is crucial to consult with a liquidator before making any decisions.
What is the difference between a Members' Voluntary Liquidation (MVL) and a Creditors' Voluntary Liquidation (CVL)?
An MVL is used for solvent companies where directors can declare solvency and repay all debts within 12 months. It is often used for tax-efficient extraction of retained profits. A CVL is for insolvent companies that cannot pay their debts. In a CVL, a liquidator is appointed to realise assets and distribute proceeds to creditors. The legal process is similar, but the declaration of solvency is the key distinction.
Will I be personally liable for company debts after liquidation in Reigate?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently or wrongfully. However, if you have given personal guarantees for loans or leases, creditors can pursue you for those amounts. Additionally, if you have taken money from the company that is not properly documented, the liquidator may seek recovery. Professional advice is essential to understand your exposure.
How long does the company liquidation process take in Reigate?
The duration depends on the complexity of the case. A straightforward CVL can be completed in 6 to 12 months, but if there are complex asset realisations, legal disputes, or missing records, it may take longer. The liquidator must file final accounts with Companies House and hold a final meeting of creditors. The statutory process has set timelines, but practical factors can extend the overall period.
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