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Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) in Whitehaven?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. The directors pass a resolution to wind up the company voluntarily, and a licensed insolvency practitioner is appointed as liquidator. The liquidator realises the company's assets, investigates its affairs, and distributes funds to creditors in the statutory order. In Whitehaven, our team manages the entire process, including convening creditor meetings and handling all legal filings.
How much does company liquidation cost in Whitehaven?
The cost of a CVL in Whitehaven typically ranges from £3,000 to £6,000 plus VAT, depending on the complexity of the case, the number of assets, and the level of creditor involvement. Our fees are agreed upfront and are paid from the company's assets, not from the directors' personal funds. For solvent companies using an MVL, fees are often based on the value of distributions. We provide a fixed-fee quote after an initial free assessment.
Can I continue trading after my company enters liquidation?
No. Once a company enters Creditors Voluntary Liquidation, the liquidator takes control of the business and its assets. Directors' powers cease, and you cannot continue trading under the same company name unless specific exceptions apply (such as purchasing the business from the liquidator). However, you can start a new company after liquidation, provided you do not use a 'prohibited name' without court permission or the consent of the creditors.
What is the difference between a CVL and an MVL?
A CVL is used for insolvent companies that cannot pay their debts, while an MVL (Members Voluntary Liquidation) is used for solvent companies where directors can declare solvency. In an MVL, the liquidator distributes assets to shareholders after paying all liabilities, often providing tax advantages through capital treatment. In Whitehaven, we help directors determine which procedure is appropriate based on a full review of their financial position.
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 or fraudulently. However, if you have given personal guarantees to lenders, landlords, or suppliers, those creditors can pursue you personally. Our Whitehaven liquidators review all guarantees early in the process and advise on negotiation strategies to minimise personal exposure.
How long does a company liquidation take in Whitehaven?
A straightforward Creditors Voluntary Liquidation typically completes within 4 to 6 months, after which the company is dissolved. However, complex cases with substantial assets, litigation, or investigations can take longer. An MVL can often be completed in as little as 3 to 4 months if the company's affairs are in order. Our team provides a realistic timeline during your initial consultation and keeps you updated throughout.
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