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John Lavender accounting ltd
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KHAWAR & CO LTD
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YBSM PARTNERS
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Frequently asked questions
What is the difference between a CVL and an MVL for a company in Saffron Walden?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members' Voluntary Liquidation) is for solvent companies that want to close, usually for tax reasons. Our licensed liquidators will assess your solvency status and recommend the correct procedure.
How much does it cost to appoint a liquidator in Saffron Walden?
Costs vary based on the complexity of the liquidation. For a standard CVL, fees are often fixed or based on a percentage of asset realisations. We provide a clear, written quote before you proceed, with no hidden charges. For MVLs, fees are typically lower as the process is more straightforward.
Can a company director be held personally liable for debts during liquidation?
Directors can be held personally liable if they have acted wrongfully, traded while insolvent, or misused company funds. However, if you seek professional advice early and cooperate fully with the liquidator, personal liability is rare. We help you understand your duties and protect your position.
What happens to employees when a company in Saffron Walden goes into liquidation?
When a company enters liquidation, employees are automatically dismissed. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. Our liquidators guide you on your obligations and help employees make their claims correctly.
How long does a company liquidation take in Saffron Walden?
A CVL typically takes 6 to 12 months to conclude, depending on the complexity of asset sales and creditor claims. An MVL can be completed in as little as 3 to 6 months. We provide a realistic timeline after the initial review of your company's records.
Can I continue trading while my company is being liquidated?
Once a liquidation order is made, directors lose control and cannot trade. However, before that, you may continue trading if it improves the position for creditors. Our advisors help you decide whether to cease trading immediately or continue temporarily under strict guidance to avoid wrongful trading claims.
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