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Frequently asked questions
What is a Creditors' Voluntary Liquidation (CVL) in Tunbridge?
A Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. It is initiated by the directors and shareholders, who appoint a licensed insolvency practitioner to act as liquidator. The liquidator takes control of the company's assets, sells them, and distributes the proceeds to creditors. This process protects the company from legal action and allows for a structured closure, with the company being dissolved at the end.
How much does company liquidation cost in Tunbridge?
The cost of company liquidation in Tunbridge varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees range from £4,000 to £10,000 or more. Our initial consultation is free, and we provide a fixed-fee quote after assessing your situation. We will always give you a transparent breakdown of costs before you commit, ensuring there are no hidden surprises.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets. A Members' Voluntary Liquidation (MVL) is used for solvent companies, often to close a business and distribute surplus assets to shareholders in a tax-efficient manner. In an MVL, the directors must make a statutory declaration of solvency, confirming the company can pay its debts in full within 12 months. The process is quicker and less complex than a CVL.
Can a company liquidator help with director personal guarantees?
Yes, our company liquidators in Tunbridge can provide advice on personal guarantees. If you have personally guaranteed business debts, such as a bank loan or commercial lease, the liquidation process does not automatically release you from these obligations. The liquidator will negotiate with creditors to try to reach a settlement, but it is crucial to seek professional advice early to explore options like negotiating a reduced settlement or restructuring your personal finances.
What happens to company employees during liquidation?
In a liquidation, employees are made redundant as soon as the liquidator is appointed. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and unpaid wages. These payments are made from the company's assets, but if there are insufficient funds, employees can claim from the National Insurance Fund (via the Redundancy Payments Service). Our team will guide employees through the claims process and ensure they understand their rights.
How long does a company liquidation take in Tunbridge?
The duration of a liquidation varies. A Creditors' Voluntary Liquidation typically takes 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members' Voluntary Liquidation can be completed in as little as 3 to 6 months. After the liquidator has finalised all matters, the company is formally dissolved, which usually happens within a few weeks of the final meeting. We aim to expedite the process while ensuring full compliance.
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