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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. It is initiated by the directors and involves a meeting of creditors to approve the liquidation. A Members' Voluntary Liquidation (MVL) is for solvent companies where the directors swear a statutory declaration of solvency, stating the company can pay all debts within a set period (usually 12 months). MVL is often used for tax-efficient distribution of retained profits to shareholders.
How much does it cost to appoint a company liquidator in Uxbridge?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a simple CVL, fees typically range from £3,000 to £6,000 plus VAT, while an MVL may cost between £2,000 and £4,000. We always provide a fixed-fee quote before any work begins, with no hidden charges. The liquidator's fees are paid from the company's assets as a preferential expense, but in many cases, directors may need to fund the process personally if assets are insufficient.
Can I continue to trade after my company has entered liquidation?
No. Once a company enters liquidation, the liquidator takes control of the business and its assets. The company ceases to trade immediately, except in very limited circumstances where the liquidator may continue trading for a short period to sell stock or complete contracts for the benefit of creditors. As a director, you must stop incurring credit and cannot make any payments without the liquidator's approval. If you wish to continue operating a business, you would need to start a new company, subject to restrictions on using the same or similar name.
What are the legal duties of directors during a company liquidation?
Directors have a duty to act in the best interests of creditors once the company is insolvent. During liquidation, you must cooperate fully with the liquidator, provide all company records, accounts, and information about assets and liabilities. You are also required to complete a Director's Questionnaire and attend an interview if requested. Failure to cooperate can result in personal liability for debts, disqualification as a director, or even criminal prosecution. We guide you through every step to ensure full compliance.
Will I be personally liable for my company's debts after liquidation?
Generally, no. Limited liability protects directors from personal liability for company debts, provided you have not acted wrongfully. However, personal liability can arise if you have given personal guarantees, traded wrongfully (continuing to trade when you knew the company was insolvent), or misappropriated assets. The liquidator will investigate your conduct and may pursue claims against you if there is evidence of misfeasance or fraudulent trading. Our experts help you understand your exposure and mitigate risks before and during liquidation.
How long does the company liquidation process take in Uxbridge?
A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to conclude, depending on the complexity of the case, the realisation of assets, and the resolution of creditor claims. A Members' Voluntary Liquidation can be completed in as little as 3 to 6 months if the company's affairs are straightforward. The liquidator must file final accounts with Companies House and hold a final meeting of members before the company is formally dissolved. We aim to expedite the process while ensuring all legal requirements are met.
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