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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) in Sittingbourne?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. In Sittingbourne, our licensed liquidators convene a meeting of shareholders and creditors, who vote to place the company into liquidation. The liquidator then realises assets, investigates the company's affairs, and distributes funds to creditors. This process typically ends with the company being dissolved and struck off the Companies House register.
How much does a company liquidation cost in Sittingbourne?
The cost of a company liquidation in Sittingbourne varies based on the complexity of the case, the size of the company, and the number of assets and creditors. Our fees are fixed and agreed upfront, with no hidden charges. For a straightforward CVL, fees often range from £3,000 to £6,000 plus VAT, but we always provide a detailed quote after an initial free review. We also consider whether the company's assets can cover the costs.
Can a company in Sittingbourne be liquidated if it has no assets?
Yes, a company with no assets can still be liquidated, but the process may differ. If there are no assets to pay for the liquidation, we may use a 'pre-pack' or a 'members' voluntary liquidation' if solvent. For insolvent companies with no assets, we can sometimes use government funding (via the Insolvency Service) for a CVL if it is in the public interest. Otherwise, we can advise on alternative options like a striking-off application.
What are the legal duties of a director during liquidation in Sittingbourne?
During liquidation in Sittingbourne, directors must cooperate fully with the liquidator. This includes providing all company records, accounts, and financial information. You must also explain your conduct and decisions leading to the insolvency. Directors have a duty to avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvency. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.
Can I close a solvent company in Sittingbourne without going through a full liquidation?
Yes, if your company is solvent (can pay all debts in full) and you simply wish to close it, you can use a Members' Voluntary Liquidation (MVL) or a simpler striking-off process. An MVL is often more tax-efficient for extracting retained profits as capital, and it requires a declaration of solvency from directors. Our Sittingbourne team can advise which route is best based on your financial situation and tax objectives.
What happens to employees when a company goes into liquidation in Sittingbourne?
When a company enters liquidation in Sittingbourne, employees are automatically made redundant. The liquidator becomes responsible for their employment contracts. Employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides them with the necessary claim forms (RP1, RP2) and guidance on how to submit their claims.
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