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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a compulsory liquidation in Walton?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of an insolvent company when they decide to cease trading. It is a voluntary process that avoids a court order. Compulsory liquidation, on the other hand, is forced by a creditor through a court winding-up petition, often after a statutory demand is unpaid. In a CVL, you retain control over the choice of liquidator, whereas in compulsory liquidation, the court appoints an Official Receiver. Our Walton liquidators can help you initiate a CVL to avoid the stress and cost of court proceedings.
Can I close a solvent company in Walton using a Members' Voluntary Liquidation (MVL)?
Yes, if your company is solvent and can pay all its debts in full within 12 months, you can use a Members' Voluntary Liquidation (MVL). This process is ideal for extracting retained profits as capital gains rather than income tax, and it formally dissolves the company. Our licensed liquidators in Walton can guide you through an MVL, ensuring all statutory requirements are met, including the declaration of solvency, and that distributions to shareholders are handled tax-efficiently.
What are the legal duties of directors when their company in Walton is insolvent?
Directors of an insolvent company in Walton have a duty to act in the best interests of creditors, not just shareholders. This means they must avoid wrongful trading, which occurs when they continue trading while knowing the company cannot avoid liquidation. They must also maintain accurate financial records and disclose all assets and liabilities to the liquidator. Failing to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators can advise you on your duties and help you take the correct steps to protect yourself.
How much does company liquidation cost in Walton, and are there any hidden fees?
The cost of company liquidation in Walton varies depending on the complexity of the case, the number of creditors, and the assets involved. For a standard CVL, our fixed fees typically start from around £4,000 plus VAT, but we always provide a detailed quotation before any work begins. There are no hidden fees, and our quote covers all statutory filings, communication with creditors, and the final dissolution. We also offer a free initial consultation to discuss your situation and provide a transparent cost breakdown.
What happens to employees if a company in Walton goes into liquidation?
When a company enters liquidation, employees are automatically made redundant from the date the liquidation order is made or the resolution is passed. The liquidator will terminate employment contracts, and employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (NIF) if the company cannot afford to pay. Our liquidators in Walton will provide employees with the necessary forms (RP1, RP2, etc.) and guide them through the claims process, ensuring they receive all statutory entitlements.
Can I continue trading after my Walton company has entered liquidation?
No, once a company enters liquidation, trading must cease immediately, except for actions that are necessary to preserve the value of assets or complete work in progress. The liquidator takes control of the company, and directors lose their powers. Continuing to trade without the liquidator's permission could be considered wrongful trading and may result in personal liability for any debts incurred. Our team will advise you on the exact point at which trading must stop and handle any necessary wind-down activities.
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