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Frequently asked questions
What is a Creditor Voluntary Liquidation (CVL) and how does it work in Tavistock?
A Creditor Voluntary Liquidation (CVL) is a formal insolvency procedure initiated by the directors of an insolvent company. In Tavistock, our licensed insolvency practitioners will call a board meeting to pass a resolution for voluntary winding-up, followed by a meeting of creditors to confirm the appointment of a liquidator. The liquidator then takes control of the company's assets, sells them to repay creditors as far as possible, and investigates the directors' conduct. The process typically concludes within 12 to 18 months, after which the company is dissolved.
What are the main differences between compulsory liquidation and voluntary liquidation?
Compulsory liquidation is a court-ordered process, usually initiated by a creditor who obtains a winding-up petition. Voluntary liquidation, on the other hand, is initiated by the company's directors or shareholders. In Tavistock, if the company is insolvent, directors often choose a Creditor Voluntary Liquidation (CVL) to avoid the cost and stigma of a compulsory order. A CVL gives directors more control and can be less disruptive to the business, whereas compulsory liquidation removes control from the directors immediately.
Can I continue to trade my company while it is in liquidation in Tavistock?
Once a company enters liquidation, the appointed liquidator takes over control, and the directors' powers cease. However, the liquidator may allow trading to continue for a short period if it is necessary to maximise asset value or complete contracts. In Tavistock, we assess each case individually. If trading is clearly unprofitable, we will cease operations quickly to prevent further creditor losses. Directors should not continue trading while insolvent without professional advice, as this can lead to personal liability for wrongful trading.
What are the costs involved in appointing a company liquidator in Tavistock?
The costs of liquidation vary depending on the complexity of the case, the size of the company, and the amount of asset realisation required. In Tavistock, our fees are typically paid from the company's assets, but if there are insufficient assets, creditors may need to fund the liquidation. We always provide a clear fee estimate before you proceed. For Creditor Voluntary Liquidations, the fee can range from £4,000 to £8,000 plus VAT, but we offer fixed-fee options for straightforward cases. Contact us for a tailored quote.
What happens to company directors after liquidation in Tavistock?
After liquidation, directors are not automatically disqualified unless they have acted wrongfully or fraudulently. In Tavistock, our liquidators will investigate the directors' conduct, including any transactions that occurred before insolvency. If we find no misconduct, directors can continue to operate other businesses. However, directors must cooperate fully with the liquidator, providing all necessary books and records. Failure to do so can result in personal liability or disqualification proceedings.
How long does the liquidation process take in Tavistock?
The length of a liquidation process depends on the complexity of the company's affairs. A simple Creditor Voluntary Liquidation in Tavistock can be completed in as little as 6 to 9 months, but more complex cases with substantial assets or legal issues can take 2 years or more. The liquidator must collect and sell assets, agree creditor claims, and finalise statutory reports. We aim to conclude matters as efficiently as possible while ensuring full compliance with insolvency law.
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