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Frequently asked questions
What does a company liquidator in Tonbridge do?
A company liquidator in Tonbridge is a licensed insolvency practitioner who takes control of an insolvent or solvent company to sell its assets, settle creditor claims, and formally close the business. They also investigate the directors' conduct, ensure statutory filings are made, and distribute any remaining funds to shareholders. For insolvent companies, the liquidator acts in the best interests of creditors, while for solvent companies, they maximise returns for shareholders.
How much does liquidation cost in Tonbridge?
The cost of liquidation in Tonbridge varies based on the complexity of the case, the number of creditors, and the assets involved. For a Creditors Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT, but many firms offer a fixed-fee package. You should always request a written quote before appointing a liquidator. Our firm provides transparent, fixed-fee pricing with no hidden charges, and we can discuss payment options, including spreading the cost over time.
What is the difference between CVL and MVL in Tonbridge?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts in full within 12 months. MVL is often used to wind down a successful business and distribute retained profits as capital gains rather than income tax. The choice depends on your company's solvency status.
Can a director be held personally liable for company debts in Tonbridge?
In most cases, directors are not personally liable for company debts because a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, traded wrongfully or fraudulently, or breached your fiduciary duties, such as continuing to trade while insolvent. A liquidator will investigate your conduct. Seeking professional advice early can help you avoid personal liability and comply with your legal obligations.
How long does the liquidation process take in Tonbridge?
The length of liquidation depends on the complexity of the company's affairs. A Creditors Voluntary Liquidation (CVL) typically takes between 6 and 12 months to complete, but it can be longer if there are complex asset sales, legal disputes, or investigations. The liquidator must file a final report with Companies House and hold a final meeting of creditors. For a simple case with no assets, the process may be quicker, but you should plan for at least six months.
What happens to employees when a Tonbridge company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These payments are made from the National Insurance Fund via the Redundancy Payments Service, but the liquidator must submit the necessary claims. Employees can also claim for any unpaid pension contributions, but this is subject to caps.
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