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Owadally & Kings Partnership
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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in South Croydon?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that is insolvent and cannot pay its debts. In South Croydon, our licensed liquidators convene a meeting of shareholders and creditors to approve the winding-up. We then take control of the company's assets, sell them to repay creditors in the statutory order, and investigate the directors' conduct. The process typically takes 6-12 months to complete, after which the company is dissolved.
What are the legal duties of directors when a company is insolvent in South Croydon?
When a company is insolvent, directors in South Croydon must avoid wrongful trading, which means continuing to trade when they know the company cannot avoid liquidation. They must prioritise creditor interests, maintain accurate financial records, and not make preferential payments to certain creditors. Directors should seek professional advice immediately to prevent personal liability for company debts through actions like fraudulent trading or misfeasance.
Can I liquidate a solvent company in South Croydon?
Yes, if your company is solvent but you wish to close it down, you can use a Members Voluntary Liquidation (MVL). This is a cost-effective process for solvent companies with assets to distribute. Our South Croydon liquidators will declare solvency, settle all debts, and distribute remaining assets to shareholders in a tax-efficient manner. MVL is often used for companies that have served their purpose or when owners are retiring.
How much does company liquidation cost in South Croydon?
The cost of company liquidation in South Croydon varies based on complexity, asset value, and creditor numbers. For a Creditors Voluntary Liquidation, fees typically range from £3,000 to £8,000 plus VAT, but we offer fixed-fee packages after an initial free assessment. Members Voluntary Liquidation fees are often lower, starting around £1,500. We provide transparent quotes upfront with no hidden charges, and in some cases, the cost can be covered from company assets.
What happens to employees when a company enters liquidation in South Croydon?
When a company enters liquidation in South Croydon, employees are automatically made redundant from the date of the winding-up order. Our liquidators act as agents and can assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. We provide clear guidance to all affected staff and ensure their claims are submitted correctly and promptly to the Redundancy Payments Service.
Can I continue trading after starting liquidation in South Croydon?
Once a company enters formal liquidation in South Croydon, directors lose control and trading must cease immediately, except in limited circumstances where the liquidator may continue trading to sell stock or complete contracts for the benefit of creditors. Attempting to trade after liquidation without approval can lead to personal liability. Our advisors can discuss alternatives like administration or a Company Voluntary Arrangement (CVA) if you wish to continue operating.
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