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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used for an insolvent company that cannot pay its debts. It is initiated by directors and involves a licensed insolvency practitioner realising assets to distribute to creditors. An MVL is for a solvent company, where shareholders decide to close the business, often for retirement or restructuring. In an MVL, the liquidator distributes surplus assets to shareholders after all debts are settled, and it can be more tax-efficient than other closure methods.
How much does it cost to appoint a company liquidator in Waterbeach?
The cost varies based on the complexity of the company's affairs, the number of creditors, and the assets involved. For a straightforward CVL, fees often range from £3,000 to £6,000 plus VAT, but we provide a fixed-fee quote after a free initial consultation. Our fees are always agreed in advance and are paid from company assets, not from directors' personal funds, unless there are specific director guarantees.
Can a director be held personally liable for company debts during liquidation?
Generally, directors are not personally liable for company debts due to the principle of limited liability. However, liability can arise if there has been wrongful trading, fraudulent trading, or a breach of fiduciary duty, such as taking excessive director loans or continuing to trade while insolvent. Our experts can review your conduct to identify any potential risks and advise on how to mitigate them before you proceed.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the winding-up order. The liquidator is responsible for settling employee claims, including unpaid wages, holiday pay, and redundancy pay, which may be recoverable from the National Insurance Fund (RPO). We will guide you through the process and ensure that all statutory obligations are met with minimal stress.
How long does the liquidation process take in Waterbeach?
A CVL typically takes between 6 and 12 months to complete, depending on the complexity of the asset realisation and creditor claims. An MVL can be faster, often completed in 3 to 6 months. The timeline also depends on how quickly we can gather financial records and whether any legal disputes arise. We aim to conclude matters as swiftly as possible to reduce costs.
Can I continue to trade after my company has entered liquidation?
No, once a winding-up order is made or a CVL is approved, the liquidator takes control of the company, and directors lose their powers to trade. However, in some cases, the liquidator may continue trading for a short period to sell stock or complete contracts, but this is done under their authority. Directors must cease all trading activities immediately to avoid personal liability.
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