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Frequently asked questions
What are the first steps a director should take when considering company liquidation in Rushden?
The first step is to seek professional advice immediately. You should gather all financial records, including recent management accounts, bank statements, and a list of creditors. Then, contact a licensed insolvency practitioner for a confidential consultation. We will assess the company's solvency, explain the legal duties of directors, and outline the available options, which may include a Creditors Voluntary Liquidation (CVL), a Company Voluntary Arrangement (CVA), or formal administration. Acting early can prevent personal liability for wrongful trading and protect your reputation.
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies, meaning they cannot pay their debts as they fall due. In a CVL, a licensed liquidator is appointed to realise the company's assets and distribute the proceeds to creditors. An MVL is used for solvent companies, where directors and shareholders wish to close the company in a tax-efficient manner. In an MVL, the liquidator confirms the company can pay all debts in full within 12 months, and the remaining assets are distributed to shareholders, often benefiting from Business Asset Disposal Relief.
Can I continue to trade my company while it is in liquidation?
No. Once a company enters liquidation, the appointed liquidator takes control of the company and its assets. The directors' powers cease immediately, and they cannot trade or make any financial decisions without the liquidator's permission. The liquidator's primary role is to wind down the company's affairs, sell assets, and distribute funds to creditors. If you wish to continue trading, you would need to explore alternative insolvency procedures like administration or a CVA, which allow the company to continue operating under certain conditions.
What are the legal duties of directors during the liquidation process in Rushden?
Directors have a legal duty to act in the best interests of creditors once the company is insolvent. This includes avoiding wrongful trading, which means continuing to incur credit when there is no reasonable prospect of repayment. During liquidation, you must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that occurred in the lead-up to liquidation, especially those involving connected parties. Failure to comply can result in personal liability, disqualification as a director, or even criminal prosecution.
How much does it cost to appoint a company liquidator in Rushden?
The cost of a Creditors Voluntary Liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. This fee is usually paid from the company's assets. However, if there are insufficient assets, directors may need to fund the liquidation personally to ensure creditors are not prejudiced. In an MVL, fees are often based on a fixed fee or a percentage of the assets realised. We always provide a transparent, fixed-fee quote before you appoint us, with no hidden costs.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed by the liquidator. The liquidator will issue redundancy notices and calculate statutory redundancy pay, notice pay, and unpaid holiday pay. Employees who are owed money can claim certain payments from the National Insurance Fund (via the Redundancy Payments Service), but they must first submit a claim form. The liquidator will provide the necessary documentation (RP1 form) to help employees make their claims. We also provide guidance to employees on their rights during this difficult time.
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