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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) in Truro?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency process for a company that cannot pay its debts. In Truro, a licensed insolvency practitioner is appointed as liquidator to sell company assets, distribute funds to creditors, and dissolve the company. It is initiated by the directors and shareholders, and it stops legal action from creditors, including HMRC. The process typically takes 6-12 months to complete, and it allows directors to bring the company to an orderly end while avoiding personal liability for company debts, provided they have acted properly.
How much does a company liquidation cost in Truro?
The cost of a company liquidation in Truro varies depending on the complexity of the case, but most fixed-fee CVL services start at around £4,000 to £6,000 plus VAT and disbursements. This fee covers the insolvency practitioner's time, statutory advertising, and final meeting costs. Some firms may charge an additional percentage of asset realisations. At Company Liquidators Truro, we offer transparent fixed-fee pricing with no hidden extras, and we can often use company assets to fund the liquidation if available. Always ask for a detailed quote before engaging a liquidator.
What are the legal duties of directors during liquidation?
Directors have a legal duty to act in the best interests of creditors once insolvency is apparent. During a CVL in Truro, you must provide a statement of affairs, cooperate fully with the liquidator, and hand over all company books and records. You must not take any action that worsens creditor positions, such as paying off one creditor over another or transferring assets at undervalue. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through every step to ensure you meet all statutory obligations.
Can I keep my business assets if my company goes into liquidation?
In a Creditors Voluntary Liquidation, all company assets become controlled by the liquidator and are sold to repay creditors. You cannot keep business assets unless you purchase them from the liquidator at market value. However, certain assets may be subject to fixed charges held by lenders, which take priority. Personal assets, such as your home or car, are generally protected if you have not given personal guarantees. Directors can sometimes buy back assets like intellectual property or equipment, but this must be done transparently and at a fair price.
What is the difference between liquidation and a Company Voluntary Arrangement (CVA)?
A Company Voluntary Arrangement (CVA) is a formal agreement with creditors to repay debts over a period, typically 3-5 years, while the company continues trading. In contrast, liquidation (CVL) ends the company's existence by selling assets and closing it down. A CVA is suitable if the business has a viable future but needs time to pay off arrears, while liquidation is chosen when the company cannot be saved. Our Truro advisers will assess your financial situation and recommend the most appropriate solution, explaining the implications for directors and shareholders.
How long does a company liquidation take in Truro?
The entire liquidation process in Truro usually takes between 6 and 12 months from the date the liquidator is appointed. The first stage involves a meeting of shareholders and creditors to approve the liquidation, which can be arranged within days. After that, the liquidator realises assets, investigates the company's affairs, and distributes funds to creditors. The final step is the dissolution of the company, which occurs after the liquidator files final accounts with Companies House. Complex cases with disputes or asset recovery may take longer, but our team works efficiently to conclude matters promptly.
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