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Frequently asked questions
What is the difference between Creditors' Voluntary Liquidation and Members' Voluntary Liquidation?
Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. It is initiated by directors and involves a meeting of creditors. Members' Voluntary Liquidation (MVL) is for solvent companies, where shareholders decide to wind up the business, often for tax efficiency or retirement. In an MVL, directors must swear a declaration of solvency, and creditors are paid in full.
How much does it cost to liquidate a company in Sevenoaks?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward Creditors' Voluntary Liquidation, fees typically range from £4,000 to £7,000 plus VAT, but this can be higher if there are complex issues. We always provide a fixed-fee quote after an initial assessment, so you know the costs upfront with no hidden charges.
Can I liquidate a company that has no assets?
Yes, it is possible to liquidate a company with no assets, but it is often more cost-effective to consider alternative options like a Creditors' Voluntary Liquidation with a low-cost service or, if the company has no assets and no significant debts, a voluntary strike-off via Companies House. However, if there are outstanding debts, a CVL is the proper route to protect directors from personal liability. Our experts can advise on the best course of action.
What are the responsibilities of directors during a liquidation?
Directors have a legal duty to act in the best interests of creditors once insolvency is apparent. During liquidation, they must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preference payments. Failure to comply can result in personal liability or disqualification as a director.
How long does the liquidation process take in Sevenoaks?
The duration of a liquidation depends on the complexity of the case. A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, but this can be longer if there are assets to sell or legal issues to resolve. A Members' Voluntary Liquidation is often quicker, usually completing within 3 to 6 months. We aim to expedite the process while ensuring full compliance with legal requirements.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently or negligently. However, if you have given personal guarantees for business loans or leases, you may be pursued by creditors. Our liquidators can help you understand your exposure and explore options like negotiating with creditors or proposing a Company Voluntary Arrangement (CVA) if needed.
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