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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and compulsory liquidation?
A CVL is a voluntary process initiated by the directors when the company is insolvent. The directors call a meeting of shareholders to pass a resolution to wind up the company, and then a meeting of creditors is held to confirm the appointment of a liquidator. Compulsory liquidation is a court-ordered process, usually initiated by a creditor who petitions the court for a winding-up order. In a CVL, the directors retain some control over the choice of liquidator, whereas in compulsory liquidation, the Official Receiver or a court-appointed insolvency practitioner takes control.
Can I continue to trade my company while it is in liquidation?
No. Once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and the directors' powers cease. The liquidator's role is to realise the company's assets, investigate its affairs, and distribute the proceeds to creditors. Trading is generally only permitted if the liquidator decides it is necessary to achieve a better outcome for creditors, for example, to sell the business as a going concern. As a director, you must not incur any new debts after the liquidation date without the liquidator's consent.
What are the legal duties of directors when a company is insolvent?
Directors have a duty to act in the best interests of creditors when the company is insolvent or bordering on insolvency. This includes avoiding wrongful trading, which means continuing to trade when you know or ought to know there is no reasonable prospect of avoiding liquidation. Directors must also keep proper accounting records, cooperate with the liquidator, and provide a statement of affairs. Failure to fulfil these duties can lead to personal liability for company debts, disqualification as a director, or even criminal prosecution in serious cases.
How much does it cost to appoint a company liquidator in Thirsk?
The cost of a creditors voluntary liquidation (CVL) typically ranges from £3,000 to £6,000 plus VAT, depending on the complexity of the case, the size of the company, and the number of creditors. For a members voluntary liquidation (MVL) of a solvent company, fees are often based on the value of assets distributed and can be agreed upon in advance. At our Thirsk practice, we provide a fixed-fee quote after an initial free consultation, with no hidden costs. The liquidator's fees are paid from the company's assets, but if there are insufficient assets, the directors may need to fund the process personally.
What is a statement of affairs and do I need to prepare one?
A statement of affairs is a formal document that lists the company's assets, liabilities, and details of any charges or secured creditors. It is required when a company enters liquidation, and as a director, you are legally obliged to prepare and sign it, verifying its accuracy. The liquidator uses this document to understand the financial position, identify preferential creditors, and plan the realisation of assets. Our team can assist you in compiling the statement of affairs, ensuring it is accurate and submitted on time to avoid penalties.
Can I keep my business assets if my company goes into liquidation?
No. Once a liquidator is appointed, all company assets become part of the liquidation estate and are sold to repay creditors. This includes equipment, stock, vehicles, and intellectual property. If you wish to buy back certain assets, such as a vehicle or specific equipment, you can make an offer to the liquidator, but the sale must be at market value and approved by creditors. You cannot simply take assets without paying for them, as this would be considered a breach of your duties and could result in personal liability.
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