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Frequently asked questions
What are the main types of company liquidation available in Sidcup?
In Sidcup, the two main types of liquidation are Creditors' Voluntary Liquidation (CVL) and Compulsory Liquidation. A CVL is initiated by the company's directors when it is insolvent, and shareholders pass a resolution to wind up the company voluntarily. Compulsory liquidation is ordered by a court, usually following a petition from a creditor such as HMRC. There is also Members' Voluntary Liquidation (MVL) for solvent companies. Our licensed liquidators in Sidcup will assess your situation and recommend the most appropriate route based on your financial circumstances and goals.
How much do company liquidators in Sidcup charge for their services?
The cost of liquidation in Sidcup varies depending on the complexity of your company's affairs, the number of assets and creditors, and the type of liquidation required. For a Creditors' Voluntary Liquidation, fees typically range from £4,000 to £8,000 plus VAT, but this can be higher for larger or more complex cases. The liquidator's fees are paid from the company's assets, and in some cases, they may be funded by the prescribed part (a ring-fenced fund for unsecured creditors). We always provide a clear, fixed-fee quotation before you commit, ensuring no hidden costs or surprises.
Can I continue trading my company while undergoing liquidation in Sidcup?
Once a formal liquidation process begins, directors' powers cease, and the appointed liquidator takes control of the company's affairs. However, before liquidation is formally initiated, directors can continue trading if there is a realistic prospect of rescue or if it is necessary to preserve asset value. In practice, if you are insolvent, trading while insolvent can lead to personal liability for wrongful trading. Our Sidcup liquidators can advise you on the legal boundaries and help you decide whether to cease trading immediately or take steps to protect the business while exploring alternatives.
What happens to company assets and employees during liquidation in Sidcup?
During liquidation, the appointed liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. These assets are realised (sold) to generate funds for distribution to creditors in the statutory order of priority. Secured creditors (such as banks) are paid first, followed by preferential creditors (such as employees for unpaid wages and holiday pay), and then unsecured creditors. Employees are made redundant once liquidation begins, but they may be entitled to claim statutory redundancy payments from the National Insurance Fund via the Redundancy Payments Service. Our team can guide you through the employee process and help with necessary documentation.
What are the legal responsibilities of directors during liquidation in Sidcup?
Directors have a legal duty to act in the best interests of creditors once a company becomes insolvent. During liquidation, you must cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions that occurred in the period leading up to liquidation. Failure to do so can result in personal liability, disqualification from acting as a director, or even criminal prosecution. Our Sidcup liquidators will help you understand your obligations and ensure you comply with the Insolvency Act 1986, minimising the risk of adverse consequences.
How long does the liquidation process take in Sidcup?
The duration of liquidation in Sidcup depends on the complexity of the case. A straightforward Creditors' Voluntary Liquidation can be completed in as little as 6 to 9 months, from the initial meeting of creditors to the final dissolution of the company. However, if there are complex asset recoveries, legal disputes, or a large number of creditors, the process can take 12 to 24 months or longer. Compulsory liquidation may also take longer due to court proceedings. Our liquidators will provide a realistic timeline based on your specific circumstances and keep you informed throughout the process.
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