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Frequently asked questions
What is the difference between CVL and MVL for companies in Tower Hamlets?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets. It is initiated by directors and involves a meeting of creditors to approve the liquidation. An MVL (Members' Voluntary Liquidation) is for solvent companies, typically used when directors wish to retire or close a business that has surplus assets. In an MVL, a declaration of solvency is made, and the process allows for tax-efficient distribution of retained profits. Our Tower Hamlets liquidators can advise which route is appropriate for your specific financial situation.
How long does the liquidation process take in Tower Hamlets?
The timeline varies depending on the complexity of the company's affairs. For a straightforward CVL, the process can complete in as little as 6 to 8 weeks, including the statutory creditor meeting and initial filings. An MVL may take longer if there are assets to sell or complex tax matters to resolve, often 3 to 6 months. Our liquidators in Tower Hamlets work efficiently to expedite the process while ensuring full legal compliance, and we provide a clear timeline at the outset.
Can I continue trading while my company is in liquidation?
No, once a liquidation order is made (either CVL or MVL), the directors' powers cease, and the appointed liquidator takes control of the company's affairs. You must not trade or dispose of any assets without the liquidator's consent. However, before the formal liquidation begins, directors can continue trading to stabilise the business, but they must avoid wrongful trading. Our advisors can help you decide the correct moment to stop trading and commence liquidation to protect yourself from personal liability.
What are the legal duties of directors in Tower Hamlets when insolvent?
Directors have a duty to act in the best interests of creditors when insolvency is inevitable. This includes not taking on new credit while knowing the company cannot repay it, keeping accurate financial records, and avoiding preferential payments to certain creditors. Failure to comply can lead to personal liability for company debts, director disqualification, or even criminal prosecution. Our liquidators provide a free director's health check to review your actions and ensure you are protected.
How much do company liquidation services cost in Tower Hamlets?
Costs vary based on the size of the company and the complexity of the liquidation. For a typical CVL, fees range from £1,500 to £4,000 plus VAT, depending on the number of creditors and assets. MVL fees are often higher due to additional tax work. We offer fixed-fee quotes with no hidden extras, and our initial consultation is free. We also explain how the liquidator's fees are paid from the company's assets or, if insufficient, through a director-funded indemnity.
What happens to employees if a company in Tower Hamlets goes into liquidation?
In a CVL, all employees are automatically dismissed from the date of liquidation. They become unsecured creditors for unpaid wages, holiday pay, and redundancy entitlements. The liquidator will guide them on claiming from the National Insurance Fund (via the Redundancy Payments Service). In an MVL, employees are usually made redundant before the liquidation begins, but proper notice and payments must be handled. Our team ensures all statutory employee claims are processed correctly and promptly.
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