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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL) in Westhill?
A CVL is used for insolvent companies where directors cannot pay debts as they fall due. It is initiated by the directors but controlled by creditors, and it protects the company from legal action. An MVL is for solvent companies where members decide to close voluntarily, usually for tax efficiency or retirement. In an MVL, directors must swear a statutory declaration of solvency, confirming the company can pay all debts within 12 months. Both processes require a licensed insolvency practitioner.
How much does it cost to appoint a company liquidator in Westhill?
The cost of liquidation in Westhill varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but they are often paid from company assets. MVL fees are usually lower, starting around £2,500. We always provide a fixed-fee quote after a free initial review, so you know exactly what to expect with no hidden costs.
Can I continue to trade my Westhill company after starting liquidation?
Once a liquidation order is made or a CVL is approved, the appointed liquidator takes control of the company, and directors cease to have authority to trade. Trading can only continue if the liquidator decides it is necessary to achieve a better return for creditors, such as completing existing contracts or selling stock. Continuing to trade without the liquidator's consent can lead to personal liability for directors, so you must seek professional advice immediately if you are considering liquidation.
What happens to employees when a company goes into liquidation in Westhill?
When a company enters liquidation, all employees are automatically dismissed from the date the winding-up order is made. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and unpaid wages. These claims are preferential and may be paid from the National Insurance Fund if the company lacks assets. The liquidator will also provide employees with the necessary forms (RP1, RP2) to claim their entitlements.
Can directors be held personally liable for company debts in Westhill liquidation?
Directors can be held personally liable if they have acted wrongfully, such as continuing to trade while knowing the company was insolvent, or if they have misused the company's assets. This includes fraudulent trading, wrongful trading, or breach of fiduciary duty. However, if you act honestly and seek professional advice early, you can minimise risks. Our liquidators will review your conduct and help you prepare a director's questionnaire to demonstrate compliance.
How long does a company liquidation take in Westhill?
A typical CVL in Westhill takes between 6 to 12 months to complete, depending on the complexity of realising assets and resolving creditor claims. An MVL can be faster, often completed within 3 to 6 months. The process includes the liquidator's final report, a final meeting of creditors or members, and the dissolution of the company at Companies House. Delays can occur if there are disputes, legal challenges, or if the company has unregistered assets.
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