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Frequently asked questions
What is the difference between Creditors Voluntary Liquidation and Compulsory Liquidation in Sherborne?
Creditors Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent, and it is a voluntary process. Compulsory Liquidation is a court-ordered process, typically started by a creditor (like HMRC) who petitions the court to wind up the company. In a CVL, the directors control the timing and choice of liquidator, whereas in a compulsory liquidation, the Official Receiver or a court-appointed liquidator takes control. Our Sherborne liquidators can advise on which route is appropriate based on your specific circumstances, but acting early to choose a CVL usually provides more control and better outcomes for directors.
Can I continue trading after my company enters liquidation in Sherborne?
No. Once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and the directors' powers cease. Trading is only permitted if the liquidator decides it is necessary to achieve a better outcome for creditors, such as completing existing contracts or selling stock as a going concern. If you are considering liquidation, you must stop incurring new credit or liabilities before the formal process begins. Continuing to trade while insolvent without professional advice could lead to personal liability for wrongful trading, which is why we recommend an immediate consultation with a licensed Sherborne liquidator.
What are the costs of appointing a company liquidator in Sherborne?
The costs of a Creditors Voluntary Liquidation in Sherborne typically range from £3,000 to £6,000 plus VAT and disbursements, depending on the complexity of the company's affairs and asset base. The fee is usually paid from the company's assets, but if assets are insufficient, the directors may need to fund the process personally to avoid a compulsory liquidation. Our fixed-fee structures are transparent with no hidden charges, and we provide a detailed breakdown before any work commences. We will always confirm whether the company has sufficient assets to cover the costs or if a director-funded arrangement is necessary.
How long does the liquidation process take for a company in Sherborne?
The initial liquidation meeting and appointment of the liquidator can be completed within two to four weeks from the point of instruction. However, the full closure of the company, including asset realisation, creditor claims, and final distribution, typically takes between six to twelve months. Complex cases involving litigation, property sales, or disputed claims can take longer. Throughout this period, the liquidator must file a final report with Companies House and hold a final meeting of creditors. We keep all parties informed at every stage, providing regular updates on progress and expected timelines.
Will I be personally liable for company debts if I use a liquidator in Sherborne?
Generally, directors are not personally liable for company debts if they have acted properly and without wrongful trading. The whole point of a limited company is to protect personal assets. However, personal liability can arise if you have given personal guarantees, if you have traded fraudulently or wrongfully, or if you have misappropriated company assets. A professional liquidator will investigate your conduct and file a report to the Insolvency Service. If you have acted in good faith, you will not be held personally responsible. Our role is to guide you through this process and ensure that your actions are compliant, protecting you from future claims.
What happens to my employees when my company in Sherborne goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator will provide each employee with a claim form (form RP1) to make claims for unpaid wages, holiday pay, and redundancy pay. These claims are paid from the National Insurance Fund via the Redundancy Payments Service, subject to statutory limits. The liquidator will also assist employees with their claims and provide information about claiming for notice pay. If the business is sold as a going concern, employees may be transferred under TUPE regulations, in which case their employment would continue with the new owner.
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