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MAKESWORTH LIMITED
Makesworth
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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and members voluntary liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a meeting of creditors, after which a licensed insolvency practitioner liquidates assets to repay creditors. An MVL is for solvent companies where shareholders decide to close the business, typically for retirement or restructuring. In an MVL, a declaration of solvency is made, and the liquidator distributes assets to shareholders after settling all debts.
How much does it cost to appoint a company liquidator in Winnersh?
The cost of liquidation varies depending on the complexity of your company's affairs, asset value, and the number of creditors. For a CVL, fees are often paid from the company's assets, but if assets are insufficient, directors may need to contribute. We offer a free initial consultation and provide a fixed-fee quote after assessing your situation. There are no hidden charges, and we ensure you understand all costs before proceeding.
Can I continue trading after my company enters liquidation?
No, once a liquidation order is made or a liquidator is appointed, the company must cease trading immediately. The liquidator takes control of the company's affairs, and any trading after this point could result in personal liability for directors. However, in some cases, a liquidator may continue trading briefly to complete contracts or sell stock to maximise asset value, but this is done under their authority.
What are the legal duties of directors when their company is insolvent?
Directors have a duty to act in the best interests of creditors when insolvency is inevitable. This includes avoiding wrongful trading, which means continuing to incur debt while knowing the company cannot repay it. Directors must also provide accurate financial information to the liquidator, cooperate with investigations, and not prefer certain creditors over others. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.
How long does the liquidation process take in Winnersh?
A CVL typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be faster, often closing within 3 to 6 months if all matters are straightforward. The timeline also depends on how quickly we can sell assets and resolve any disputes. We work efficiently to minimise delays and keep you informed throughout the process.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted lawfully and not given personal guarantees. However, if you have provided personal guarantees for loans or leases, creditors can pursue you personally. Additionally, if wrongful trading or fraudulent activity is found, you may be held liable. Our experts will review your situation to identify any risks and advise on how to protect yourself.
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