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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by directors to protect the company from compulsory winding up by creditors. An MVL is for solvent companies, where shareholders decide to close the business, often for retirement or restructuring. In an MVL, the company can afford to pay all its debts in full, and any remaining assets are distributed to shareholders in a tax-efficient manner.
How much does company liquidation cost in South Woodford?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the type of liquidation required. For a straightforward CVL, fees typically range from £4,000 to £7,000 plus VAT and disbursements. An MVL may be slightly less expensive. We always provide a fixed-fee quote after a free initial consultation, ensuring no hidden costs or surprises.
How long does the liquidation process take?
The entire process, from the initial meeting to the final dissolution of the company, usually takes between 6 and 12 months. The first step is a meeting of shareholders to pass a resolution for liquidation, followed by a meeting of creditors. The liquidator then realises assets, settles claims, and distributes any remaining funds. The company is formally dissolved after the final accounts are filed with Companies House.
Can I continue to trade if I have started liquidation proceedings?
No, once a liquidation order is made, the liquidator takes control of the company and all trading must cease immediately. The directors' powers are suspended. However, in some cases, the liquidator may allow trading to continue for a short period to complete existing contracts or sell stock, but this is at the liquidator's discretion and only to maximise returns for creditors.
What happens to the company's employees during liquidation?
Employees are automatically made redundant when a company enters liquidation. They are entitled to claim certain payments from the National Insurance Fund, including redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator will provide each employee with a claim form (RP1) and guide them through the process. We also assist in ensuring all employee claims are correctly submitted.
Will I be personally liable for the company's debts after liquidation?
Generally, no. As a director of a limited company, your personal liability is limited to the amount you have invested in shares. However, if you have given personal guarantees for business loans or leases, you may be pursued by those creditors. Additionally, if you have acted wrongfully or fraudulently, the liquidator can seek a court order to make you personally liable. We advise on all these risks upfront to protect you.
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