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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in Wallingford?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. In Wallingford, our licensed insolvency practitioners will assess your financial position, hold a board meeting to pass a resolution for winding up, and then convene a creditors' meeting within 14 days. We prepare a statement of affairs, realises company assets, and distribute funds to creditors according to statutory priority. The process typically takes 6-12 months to complete, after which the company is dissolved.
What are the legal duties of directors when their company is insolvent in Wallingford?
Directors in Wallingford have a legal duty to act in the best interests of creditors once the company becomes insolvent. This includes avoiding wrongful trading (continuing to trade while knowing the company cannot avoid liquidation), not making preferential payments to certain creditors, and not disposing of company assets at undervalue. If directors breach these duties, they can face personal liability, disqualification, or even criminal prosecution. Seeking professional advice early is crucial to mitigate these risks.
Can I keep my job if my company goes into liquidation in Wallingford?
If your company enters Creditors Voluntary Liquidation, all employees are automatically dismissed from the date the liquidation order is made. However, you may be able to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Our team can guide you through the claims process and help you understand your rights as an employee during the liquidation.
How much does it cost to appoint a liquidator in Wallingford?
The cost of liquidation in Wallingford varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. Typically, fees range from £3,000 to £10,000 plus VAT for a straightforward CVL. We provide a fixed-fee quotation upfront with no hidden charges. The liquidator's fees are paid from the company's assets, but if there are insufficient assets, creditors may need to agree to a fee arrangement or the directors may fund the process personally.
What is the difference between compulsory liquidation and creditors voluntary liquidation?
Compulsory liquidation is a court-ordered process usually initiated by a creditor through a winding-up petition, often after a statutory demand has been unpaid. Creditors Voluntary Liquidation (CVL) is initiated by the directors themselves when they decide the company cannot continue trading. In Wallingford, a CVL is generally faster, less costly, and gives directors more control over the process, whereas compulsory liquidation removes control and can result in a more adversarial investigation of director conduct.
Can I start a new company after my Wallingford company has been liquidated?
Yes, you can start a new company after liquidation, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you are subject to restrictions under the Company Directors Disqualification Act 1986. You may need to obtain leave from the court to act as a director of a new company with a similar name (known as a 'phoenix company'). Our advisors can help you navigate these rules and ensure you comply with all legal requirements to avoid penalties.
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