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Frequently asked questions
What is the difference between CVL and MVL in West Malling?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors cannot pay debts as they fall due. It involves a licensed insolvency practitioner who realises assets and distributes proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where the directors declare solvency and want to close the business in a tax-efficient way, often to extract retained profits as capital rather than income.
How much does company liquidation cost in West Malling?
The cost of liquidation in West Malling varies depending on the complexity of the case, the size of the company, and whether it is a CVL or MVL. For a CVL, fees are often paid from company assets, but if there are insufficient assets, directors may need to contribute personally. For an MVL, fees are typically fixed and agreed upfront. We offer transparent pricing with no hidden charges, and we provide a detailed quote before you commit.
Can a company in West Malling continue trading during liquidation?
Once a company enters formal liquidation, trading must cease immediately, except for actions necessary to preserve asset value or complete contracts with the liquidator's permission. In a CVL, the liquidator takes control of the company and its assets. In an MVL, trading also stops, but the liquidator may allow certain activities to wind down the business safely. It is illegal to continue trading while insolvent, as this can lead to personal liability for directors.
What are the responsibilities of directors during a West Malling liquidation?
Directors have a legal duty to act in the best interests of creditors once insolvency is apparent. During liquidation, they must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that may be voidable or preferential. Directors must also complete a statement of affairs and may face investigation if they have breached fiduciary duties. Our team helps directors understand their obligations and avoid common pitfalls.
How long does a company liquidation take in West Malling?
A Creditors Voluntary Liquidation (CVL) typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. A Members Voluntary Liquidation (MVL) can be faster, often completing within 3 to 6 months. The timeline also depends on how quickly directors provide necessary documentation and whether any legal disputes arise. We aim to conclude matters as swiftly as possible while ensuring full compliance.
Will I be personally liable for company debts after liquidation in West Malling?
In most cases, directors are not personally liable for company debts after a CVL, provided they have acted properly and not engaged in wrongful trading, fraudulent trading, or misappropriation of assets. However, if you have given personal guarantees to lenders or suppliers, those creditors can pursue you personally. For MVL, there is no personal liability for debts as the company is solvent. We advise on all potential risks before you proceed.
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