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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 for insolvent companies, where liabilities exceed assets and the company cannot pay its debts. It is initiated by directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies, where directors make a statutory declaration of solvency, and the company's assets are distributed to shareholders. MVL is often used for tax efficiency when closing a profitable business.
How much does company liquidation cost in Ruislip?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements. MVL fees are often lower, starting around £2,500. We provide a fixed-fee quote after a free initial consultation, with no hidden charges, and we can discuss payment options if needed.
Can I keep trading while my company is being liquidated?
No, once a liquidation order is made, the company must cease trading immediately. The appointed liquidator takes control of the company's affairs, and any trading activity after this point could result in personal liability for directors. However, before the liquidation formally begins, you can continue trading under the guidance of an insolvency practitioner, but it is crucial to seek professional advice to avoid wrongful trading claims.
What are the legal responsibilities of directors during liquidation?
Directors have a duty to act in the best interests of creditors once insolvency is apparent. They must cooperate fully with the liquidator, provide all company records and financial information, and avoid any preferential payments or transactions that could be deemed fraudulent. Directors can also be held personally liable for wrongful trading if they continue to incur debts while knowing the company cannot pay them. Our team helps directors navigate these duties and minimize personal risk.
How long does the liquidation process take in Ruislip?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the asset realization and creditor claims. A Members Voluntary Liquidation can often be completed in 3 to 6 months. The process involves appointing a liquidator, notifying creditors, realizing assets, distributing funds, and finally dissolving the company. We work efficiently to expedite the process while ensuring all legal requirements are met.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if the company is insolvent and has been properly liquidated. However, personal liability can arise if you have given personal guarantees, taken illegal dividends, or been involved in fraudulent or wrongful trading. Our liquidators review your financial history to identify any potential issues and provide guidance on how to protect your personal assets.
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