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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The process is initiated by the directors but is controlled by creditors, who approve the appointment of a liquidator. An MVL is used when a company is solvent and directors wish to close it down formally, often for tax efficiency when extracting retained profits. In an MVL, shareholders appoint the liquidator, and the process is generally faster and less complex than a CVL.
Can I continue trading after my company enters liquidation?
Once a liquidation order is made, the appointed liquidator takes control of the company's assets and affairs. Directors cannot continue trading or making decisions on behalf of the company without the liquidator's express permission. If you need to continue trading for a short period to complete work in progress or secure a better sale of assets, you must discuss this with the liquidator, who may allow limited trading under their supervision.
What are the legal duties of directors when their company is insolvent?
Directors have a legal duty to act in the best interests of creditors when a company becomes insolvent. This includes avoiding wrongful trading, which means continuing to incur debts when you know there is no reasonable prospect of avoiding liquidation. Directors must also maintain proper accounting records, disclose all assets and liabilities to the liquidator, and cooperate fully with the investigation process. Failing to meet these duties can result in personal liability for company debts or disqualification as a director.
How much does it cost to appoint a company liquidator in Towcester?
The cost of a liquidation varies depending on the complexity of the case, the size of the company, and the amount of work required to realise assets and deal with creditors. For a CVL, the liquidator's fees are typically paid from the company's assets, but if assets are insufficient, creditors may agree to a fee structure or directors may need to fund the process. We provide a free initial consultation and a transparent fee quote before you commit to any action, so you know exactly what to expect.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator will provide each employee with a claim form to submit to the Redundancy Payments Service (RPS) for statutory entitlements such as redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator will also assist employees in understanding their rights and the claims process, and will provide the necessary documentation to support their claims.
Can I close a solvent company without going through a formal liquidation?
If your company is solvent and has not traded for at least three months, you may be able to apply to Companies House for voluntary strike-off. However, this process is only suitable if the company has no assets or liabilities, and it does not provide the same legal closure as an MVL. If you have retained profits or assets to distribute, an MVL is the recommended route because it allows for tax-efficient capital treatment and ensures that all legal obligations are properly discharged. Our advisors can help you decide which option is best for your circumstances.
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