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Raven Solution
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What is the difference between a CVL and an MVL in Strelley?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it is initiated by directors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors want to close the business and distribute surplus assets, often for tax efficiency. Our licensed insolvency practitioners in Strelley will assess your financial position and recommend the correct procedure for your situation.
How much does company liquidation cost in Strelley?
Costs vary based on the complexity of the case, asset values, and creditor structure. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT and disbursements. We provide transparent, fixed-fee quotes before any work begins. For MVLs, costs are often lower because there are fewer creditors. Contact us for a tailored quote with no hidden charges.
Can I continue trading while my company is being liquidated in Strelley?
Once a liquidation order is made (CVL or compulsory), directors lose control and trading must cease immediately. However, before the liquidation formally starts, you can continue trading under the guidance of an insolvency practitioner to preserve value, but you must not incur further credit. We advise you to seek professional advice as soon as you suspect insolvency to avoid wrongful trading claims.
What are the legal duties of directors during liquidation in Strelley?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and act in the best interests of creditors. They must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our team will guide you through every legal obligation to ensure compliance.
How long does the liquidation process take in Strelley?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months if all matters are straightforward. The final dissolution of the company occurs after the liquidator files final accounts with Companies House. We work efficiently to close your case as quickly as possible.
What happens to employees when a company goes into liquidation in Strelley?
Employees are automatically made redundant on the date the liquidation order is made. They may be able to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Insolvency Service). The liquidator will provide each employee with the necessary forms (RP1, RP2, etc.) and guide them through the claims process.
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