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Frequently asked questions
What is the difference between CVL and MVL in Welling?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. An MVL (Members' Voluntary Liquidation) is for solvent companies where directors and shareholders decide to close the business, typically for retirement or restructuring. In an MVL, a licensed insolvency practitioner distributes assets to shareholders after settling all liabilities.
How long does the liquidation process take in Welling?
The length of a liquidation process varies. A simple solvent MVL can be completed in as little as 6 to 12 months, while an insolvent CVL may take longer, often 12 to 18 months, depending on the complexity of the company's affairs, asset realisation, and any investigations required by the liquidator.
Can directors be held personally liable for company debts in liquidation?
Directors are generally not personally liable for company debts if they have acted in good faith and complied with their statutory duties. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or if personal guarantees were signed. Our experts can review your situation to assess any risks.
What are the costs of appointing a company liquidator in Welling?
Liquidation costs depend on the complexity of the case and the size of the company. For solvent MVLs, we offer fixed-fee packages starting from around £4,000 plus VAT, excluding disbursements. For insolvent CVLs, fees are often taken from the company's assets, but we provide transparent quotes before any work begins.
What happens to employees if my company goes into liquidation?
In a CVL, employees are automatically made redundant once the liquidation order is made. They may be able to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary documentation to support these claims.
Can I continue trading after my company enters liquidation?
No. Once a liquidation order is made, the liquidator takes control of the company, and directors lose their powers. Trading must cease immediately, except in limited circumstances where the liquidator decides to continue trading temporarily to sell stock or complete contracts for the benefit of creditors.
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