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Raven Solution
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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 insolvent companies that cannot pay their debts, where directors appoint a liquidator to wind up affairs and distribute assets to creditors. An MVL is for solvent companies where directors wish to close voluntarily, often for tax efficiency or retirement. In an MVL, shareholders approve the winding up, and after all debts are paid, remaining assets are distributed to shareholders.
How much does company liquidation cost in Watford?
The cost varies depending on the complexity of the liquidation, the size of the company, and the number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages with no hidden charges. MVL fees are often lower because there are fewer creditor negotiations. We provide a free initial consultation and a written quote before you commit.
Can I continue trading after my company enters liquidation?
No. Once a liquidator is appointed, the company ceases trading immediately, except for actions necessary to preserve asset value or complete contracts. The liquidator takes control of the company's affairs, and directors no longer have authority to make decisions. If you wish to continue operating a similar business, you may need to purchase assets from the liquidator and start a new company, subject to legal restrictions.
What happens to employees when a company is liquidated in Watford?
Employees are automatically dismissed from the date the liquidation order is made. The liquidator will provide them with Form RP1 (Redundancy Payments Service) to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator also handles any preferential claims for employee entitlements against the company's assets.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted wrongfully, traded fraudulently, or given personal guarantees. However, if you have signed personal guarantees for loans, leases, or supplier credit, creditors can pursue you personally. Our liquidators review your situation to identify any potential risks early.
How long does a company liquidation take in Watford?
A typical CVL takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often concluding within 3 to 6 months. The liquidator must file final accounts with Companies House and hold a final meeting of creditors or members before dissolution. Delays can occur if there are disputes or if assets are difficult to sell.
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