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Frequently asked questions
What is the role of a company liquidator in Totton?
A company liquidator in Totton is a licensed insolvency practitioner who takes control of a company when it is being wound up. Their role is to collect and sell the company's assets, settle outstanding debts with creditors in the correct legal order, and distribute any remaining funds to shareholders. They also investigate the company's affairs and ensure that directors have fulfilled their legal duties. The liquidator acts in the best interests of creditors and ensures the liquidation process is carried out in accordance with the Insolvency Act 1986.
How much does company liquidation cost in Totton?
The cost of company liquidation in Totton varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex insolvencies. The liquidator's fees are paid from the company's assets, but if there are insufficient assets, directors may need to fund the process personally. We always provide a clear, fixed-fee quote before any work begins, so you know exactly what to expect.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members Voluntary Liquidation (MVL) is used when a company is solvent but the directors or shareholders wish to close it down, often for retirement or restructuring purposes. In an MVL, the company can pay all its debts in full, and any surplus is distributed to shareholders. The process is quicker and less formal than a CVL, but still requires a licensed insolvency practitioner.
Can I keep trading if my company is in liquidation?
Once a company enters liquidation, the liquidator takes control and the directors' powers cease. You cannot continue trading in the company's name without the liquidator's permission. However, the liquidator may allow trading to continue for a short period if it is necessary to maximise the value of the company's assets or to complete outstanding contracts. If you are considering liquidation, it is crucial to stop taking on new credit and seek professional advice immediately to avoid wrongful trading claims.
What are the legal duties of directors during liquidation?
Directors have a legal duty to act in the best interests of creditors when the company is insolvent. During liquidation, you must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that occurred in the period leading up to the liquidation. You must not hide assets, destroy records, or give preferential treatment to certain creditors. Failure to comply can result in personal liability, disqualification as a director, or even criminal prosecution. Our team can help you understand your obligations and guide you through the process.
How long does the liquidation process take in Totton?
The length of the liquidation process depends on the type of liquidation and the complexity of the case. A simple Creditors Voluntary Liquidation (CVL) can be completed in as little as 6 to 12 months, but it may take longer if there are complex asset realisations, legal disputes, or investigations. A Members Voluntary Liquidation (MVL) is often faster, typically taking 3 to 6 months. The liquidator must also file final accounts with Companies House and HMRC, which can add to the timeline. We provide a realistic timeline during your initial consultation.
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