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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent, meaning it cannot pay its debts. The process involves a meeting of shareholders to pass a resolution for voluntary winding up, followed by a creditors' meeting where a liquidator is appointed. Compulsory liquidation, on the other hand, is a court-ordered process usually initiated by a creditor who petitions the court to wind up the company. In compulsory liquidation, the court appoints the liquidator, and the process is more formal and often results from a statutory demand or a winding-up petition.
How much does company liquidation cost in Shildon?
The cost of company liquidation in Shildon varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £1,500 to £6,000 for a straightforward CVL. Our firm offers transparent, fixed-fee structures where possible, and we provide a free initial consultation to assess your situation and give you a clear quote before you commit. We also discuss any potential disbursements, such as statutory advertising costs or legal fees, upfront to avoid surprises.
Can I continue trading while my company is being liquidated?
Once a company enters liquidation, the liquidator takes control of the business, and directors cease to have authority to trade. However, the liquidator may continue trading for a short period if it is necessary to preserve asset value or complete work in progress, but this is done under strict legal guidelines. If you are considering liquidation, it is crucial to seek professional advice before making any decisions, as trading while insolvent can lead to personal liability for wrongful trading.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, notice pay, and any unpaid wages or holiday pay. These payments are often made through the National Insurance Fund (RPO) if the company has insufficient assets. Our team guides employees through the claims process and provides support to ensure they receive all entitlements they are owed.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts, as a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees for loans or credit, or if you have acted improperly, such as trading while insolvent, misusing company funds, or failing to maintain proper records. Our insolvency practitioners will review your conduct and advise you on any potential risks during a confidential consultation.
How long does the liquidation process take in Shildon?
The duration of a liquidation process depends on the complexity of the company's affairs. A straightforward creditors voluntary liquidation (CVL) can be completed in as little as 6 to 12 months, while more complex cases with numerous assets or legal disputes may take longer. The liquidator's role includes realizing assets, investigating the company's affairs, and distributing funds to creditors, which all take time. We provide a realistic timeline during your initial consultation and keep you updated throughout the process.
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