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Frequently asked questions
What is the difference between a creditors voluntary liquidation (CVL) and a compulsory liquidation?
A CVL is a voluntary process initiated by the directors and shareholders of an insolvent company, where a licensed insolvency practitioner is appointed to wind up the business. Compulsory liquidation is a court-ordered process, usually triggered by a creditor petition, where the court appoints an official receiver. In Witney, a CVL is often preferred because it gives directors more control and can avoid the stigma and cost of a court process.
How much does company liquidation cost in Witney?
The cost of liquidation in Witney varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. Typically, fees range from £4,000 to £10,000 for a straightforward CVL. Our firm offers fixed-fee arrangements where possible and provides a detailed breakdown before you commit. We also advise on how to fund the liquidation, including using company assets to cover fees.
Can I keep trading after my company enters liquidation?
Once a company enters liquidation, the appointed liquidator takes control of the business, and the directors' powers cease. However, the liquidator may allow limited trading to complete contracts or sell stock to maximise asset value. If you wish to continue trading, you should consider alternative solutions like administration or a company voluntary arrangement (CVA). Our advisers can help you explore these options before liquidation.
What are the responsibilities of directors during a company liquidation in Witney?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and information about assets and liabilities. They must also assist investigating the causes of insolvency and are legally required to avoid wrongful trading. If directors have acted honestly and complied with their duties, they are generally not personally liable, but breaches can lead to disqualification or personal claims.
What is a members voluntary liquidation (MVL) and when is it used?
An MVL is a process for solvent companies where shareholders decide to close the business voluntarily. It is often used for company restructuring, retirement, or when the owners wish to extract capital in a tax-efficient manner. In Witney, an MVL requires a declaration of solvency from directors, and a licensed insolvency practitioner acts as liquidator to distribute assets to shareholders. It typically takes 6 to 12 months to complete.
How long does a company liquidation take in Witney?
The duration of a liquidation depends on the complexity of the case. A simple CVL can be completed in 6 to 9 months, while more complex cases with asset recovery or legal disputes may take 18 months or longer. The liquidator must file final accounts with Companies House and hold a final meeting of creditors. Our team aims to expedite the process while ensuring full compliance with insolvency law.
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