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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and members voluntary liquidation (MVL)?
A creditors voluntary liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and shareholders, and a licensed insolvency practitioner is appointed to wind up the company and distribute assets to creditors. A members voluntary liquidation (MVL) is used when a company is solvent but the shareholders decide to close it, often to extract retained profits tax-efficiently. In an MVL, the directors make a statutory declaration of solvency, and the liquidation process is generally more straightforward and less creditor-focused.
How long does the liquidation process take in Storrington?
The duration of a liquidation depends on the complexity of the company's affairs. For a straightforward creditors voluntary liquidation (CVL), the process typically takes between 6 to 12 months to complete, including the final distribution to creditors and dissolution of the company. Members voluntary liquidations (MVL) can sometimes be completed faster, often within 6 months, but this depends on the number of assets, creditor claims, and any legal or tax issues that arise. Your appointed liquidator will provide a realistic timeline after an initial assessment.
What are the legal duties of directors when a company is insolvent?
When a company is insolvent, directors have a legal duty to act in the best interests of creditors rather than shareholders. This includes avoiding wrongful trading, which means continuing to trade when you know the company cannot avoid insolvent liquidation. Directors must also keep accurate financial records, not prefer certain creditors over others, and avoid disposing of company assets at undervalue. Failure to meet these duties can lead to personal liability, director disqualification, or even criminal prosecution. Seeking professional advice early from a licensed insolvency practitioner is crucial to protect your position.
Can I continue trading during a company liquidation?
Once a company enters formal liquidation, the appointed liquidator takes control of the company's affairs, and the directors' powers cease. However, in certain circumstances, the liquidator may allow trading to continue temporarily if it is beneficial for the realisation of assets or to complete existing contracts. This is rare and usually only occurs in a members voluntary liquidation (MVL) or where there is a potential sale of the business as a going concern. In a creditors voluntary liquidation (CVL), trading is typically stopped immediately to prevent further losses.
What are the costs of hiring a company liquidator in Storrington?
The costs of liquidation vary depending on the size and complexity of the company, the amount of assets, and the number of creditors. For a creditors voluntary liquidation (CVL), fees are often taken from the company's assets, but if there are insufficient assets, directors may need to contribute to cover the costs. Typical fees range from £3,000 to £6,000 plus VAT for a simple CVL. Members voluntary liquidations (MVL) are usually more expensive due to the need for a full statutory declaration and asset realisation. Always request a detailed fee quote before appointing a liquidator.
What happens to employees when a company is liquidated?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential debts and are usually paid from the National Insurance Fund (via the Redundancy Payments Service) if the company lacks sufficient assets. The liquidator will provide employees with the necessary forms (e.g., RP1) to claim their entitlements. Employees should seek advice from the liquidator or ACAS regarding their rights.
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