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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
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Frequently asked questions
What is the role of a company liquidator in Sutton Coldfield?
A company liquidator in Sutton Coldfield is a licensed insolvency practitioner who manages the closure of an insolvent or solvent company. Their duties include realising company assets, agreeing claims with creditors, investigating director conduct, and distributing any remaining funds to shareholders or creditors. They ensure the liquidation process follows UK insolvency law and helps directors meet their legal obligations, while also providing advice on alternative solutions like administration or company voluntary arrangements.
When should I consider placing my company into liquidation?
You should consider liquidation when your company is unable to pay its debts as they fall due, such as receiving statutory demands, facing winding-up petitions, or having persistent creditor pressure. If a rescue plan like a Company Voluntary Arrangement (CVA) is not viable, or if you are a director of a solvent company wishing to extract retained profits and close, liquidation may be the right step. Seek professional advice early to avoid wrongful trading and personal liability.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets. It is initiated by directors but controlled by creditors. A Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts within 12 months. MVL is often used for tax-efficient distribution of retained profits to shareholders. Both processes require a licensed insolvency practitioner to act as liquidator, but the procedures and outcomes differ significantly.
How much does it cost to appoint a liquidator in Sutton Coldfield?
Liquidation costs vary depending on the complexity of the company's affairs, the number of assets, and creditor claims. For a CVL, fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to contribute to cover the liquidator's costs. For an MVL, fees are agreed upfront and can range from £1,500 to £5,000 plus VAT, depending on the company's size. We always provide a fixed-fee quote before you commit.
Can I continue trading after appointing a liquidator?
No. Once a liquidator is appointed, they take control of the company and its assets. Directors lose their powers to manage the business, and trading must cease immediately, except for actions that the liquidator deems necessary to preserve asset value or complete work in progress. Continuing to trade after liquidation is illegal and could lead to personal liability for debts incurred. If you wish to continue trading, consider administration or a CVA instead.
What happens to employees during a company liquidation?
When a company goes into liquidation, all employees are automatically made redundant from the date the liquidation order is made. The liquidator is responsible for ensuring employees receive their statutory redundancy payments, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from company assets or the National Insurance Fund through the Redundancy Payments Service. The liquidator will provide each employee with the necessary forms to claim.
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