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Frequently asked questions
What is the difference between a CVL and an MVL for a Woolwich company?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and ends with the company being dissolved after assets are sold and creditors are paid what is possible. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business and distribute surplus assets tax-efficiently. The choice depends entirely on your company's financial position, and our Woolwich liquidators can assess which route is appropriate for you.
How much do company liquidators in Woolwich charge for a CVL?
The cost of a CVL varies based on the complexity of the company, the number of creditors, and the asset base. Most licensed insolvency practitioners in Woolwich offer fixed-fee CVL packages, typically ranging from £3,000 to £6,000 plus VAT, but this can be higher if there are complex asset recoveries or legal issues. During your free consultation, we will provide a transparent, written quote with no hidden costs, so you know exactly what to expect before any work begins.
Can I continue trading after appointing a liquidator in Woolwich?
No. Once a liquidator is formally appointed, the directors' powers cease, and the liquidator takes control of the company's affairs. The company must stop trading immediately, except for actions that the liquidator approves to preserve value or complete essential contracts. If you are considering liquidation, it is crucial to stop taking on new credit or making payments to preferential creditors before the appointment, as this could lead to personal liability for wrongful trading.
What happens to employees when a Woolwich company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the court order or the resolution to wind up. The liquidator will issue redundancy notices and assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Our Woolwich liquidators will guide your staff through the process and provide the necessary forms to ensure they receive their entitlements promptly.
Are directors personally liable for company debts in Woolwich liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently, traded wrongfully, or given personal guarantees. However, if a director continues to trade while knowing the company is insolvent and does not seek professional advice, they may be pursued for wrongful trading. Our Woolwich liquidators will review your conduct to identify any risks and advise on how to minimise personal exposure before and during the liquidation process.
How long does the liquidation process take in Woolwich?
The timeline for a CVL typically takes between 6 to 12 months from the date of the liquidator's appointment to the final dissolution of the company. The initial meeting of creditors and the formal appointment can be arranged within 2 to 4 weeks after you decide to proceed. The exact duration depends on the complexity of the asset realisation, any legal disputes, and the speed at which creditors respond to dividend claims. An MVL can often be completed faster, sometimes within 3 to 6 months.
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