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Makesworth
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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 for insolvent companies that cannot pay their debts. It is initiated by the directors and involves a meeting of creditors who approve the appointment of a liquidator to sell assets and distribute funds. A Members Voluntary Liquidation (MVL) is for solvent companies that have surplus assets after paying all liabilities. It is initiated by shareholders and is often used for tax-efficient distribution of retained profits to directors and shareholders.
How long does the liquidation process take in Virginia Water?
The length of time depends on the type of liquidation and the complexity of the company's affairs. A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, although the initial appointment of the liquidator can happen within a few weeks of the decision to liquidate. A Members Voluntary Liquidation (MVL) can often be completed in a shorter timeframe, sometimes within 3 to 6 months, if the company's affairs are straightforward and all assets are realised quickly.
What are the legal duties of a director when a company is insolvent in Virginia Water?
Directors have a legal duty to act in the best interests of creditors once a company becomes insolvent. This includes not taking on further credit that cannot be repaid, avoiding preferential payments to certain creditors, and not continuing to trade if there is no reasonable prospect of recovery. Failure to fulfil these duties can lead to personal liability for wrongful trading or director disqualification. Seeking professional advice from a licensed insolvency practitioner early is crucial to protect your position.
Can I still trade my company while it is in liquidation?
No. Once a liquidator is appointed, the liquidator takes control of the company's assets and affairs. The directors' powers cease immediately. The liquidator's role is to realise the company's assets, investigate the reasons for insolvency, and distribute the proceeds to creditors in the statutory order. Any trading that is necessary to complete contracts or protect asset value is carried out by the liquidator, not the original directors.
How much does it cost to appoint a company liquidator in Virginia Water?
The cost of liquidation varies depending on the size and complexity of the company, the number of creditors, and the amount of asset realisation work required. For a Creditors Voluntary Liquidation (CVL), fees are often paid from the company's assets. If there are no assets, the directors may need to contribute to cover the costs, but this is often less than the cost of simply dissolving the company if it has debts. We provide a clear, fixed-fee quotation after a free initial assessment of your company's position.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed by the liquidator. The liquidator will provide each employee with a claim form to submit to the Redundancy Payments Service (RPS) for statutory entitlements, which may include redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator will also provide the necessary documentation to support these claims and guide employees through the process.
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