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Frequently asked questions
What is the difference between a CVL and compulsory liquidation in Stortford?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the business is insolvent. It is a voluntary process that allows directors to appoint a licensed insolvency practitioner to wind down the company. Compulsory liquidation, on the other hand, is a court-ordered process usually started by a creditor who petitions for a winding-up order. In a compulsory liquidation, the Official Receiver or an appointed insolvency practitioner takes control. CVL is generally faster and gives directors more control, while compulsory liquidation is often used when a creditor is owed more than £750 and has served a statutory demand.
Can directors of a Stortford company avoid personal liability during liquidation?
Yes, directors can avoid personal liability for company debts if they act in accordance with their statutory duties and do not engage in wrongful trading. In a CVL, directors who cooperate fully with the liquidator and provide accurate financial records typically face no personal claims. However, if directors continue trading while insolvent, take excessive salaries, or hide assets, they can be held personally liable for debts. Our liquidators in Stortford will guide you through the process to ensure you comply with the Insolvency Act 1986 and protect your personal finances.
How much does a company liquidation cost in Stortford?
The cost of liquidation varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward Creditors' Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, with payment often arranged from company assets or director-funded. We offer fixed-fee quotes with no hidden charges, and we can discuss payment options such as instalments. Compulsory liquidation costs are different, as the petitioner (usually a creditor) must pay a £1,600 court fee and a £5,000 deposit. Contact us for a tailored quote based on your specific situation.
What happens to employees when a Stortford company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made (for compulsory) or the date the CVL resolution is passed. The liquidator will terminate employment contracts, and employees become preferential creditors for unpaid wages, holiday pay, and pension contributions. They can claim certain statutory entitlements from the Redundancy Payments Service, including redundancy pay, unpaid wages up to £800 per week, and notice pay. Our team will provide each employee with the necessary forms (RP1, RP2, RP3) and guide them through the claims process to ensure they receive all funds owed.
Can I continue trading after my Stortford company is in liquidation?
No, once a company enters liquidation, it ceases to trade immediately, except for limited actions required to preserve asset value or complete contracts that benefit creditors. The liquidator takes over control of the business and its assets. However, you can start a new company, provided you do not use a 'phoenix' name that is similar to the old company without court permission or creditor consent. You must also avoid buying assets from the liquidator at undervalue unless proper procedures are followed. Our advisors can help you structure a lawful fresh start, including purchasing assets at market value through an independent valuation.
How long does a company liquidation take in Bishop's Stortford?
The duration depends on the type of liquidation. A Creditors' Voluntary Liquidation can be completed in as little as 6 to 12 months, provided the company has no complex asset realisations or disputes. Compulsory liquidation may take longer, often 12 to 18 months, due to court processes and the Official Receiver's involvement. The liquidator must file a final report with creditors and Companies House, which can extend the timeline if there are ongoing investigations. In urgent cases, we can expedite a CVL within 2 to 3 weeks from the initial meeting to the appointment of the liquidator, but the closure of the company will follow statutory timelines.
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