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Frequently asked questions
What is the difference between a CVL and an MVL for companies in Worcester Park?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies where directors voluntarily decide to close the business because it cannot pay its debts. An MVL (Members' Voluntary Liquidation) is for solvent companies that wish to close, typically 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.
How much does it cost to liquidate a company in Worcester Park?
Costs vary depending on the complexity of the company's affairs, but our fixed-fee structure starts from around £1,500 plus VAT for a straightforward CVL. This fee covers the licensed insolvency practitioner's time, statutory advertising, and all necessary filings. We provide a no-obligation quote after an initial free consultation, ensuring no hidden charges.
Can I keep trading while I decide on liquidation in Worcester Park?
Yes, but you must act with caution. If the company is insolvent, continuing to trade can lead to personal liability for wrongful trading under the Insolvency Act 1986. We recommend seeking immediate professional advice. Our experts can assess your cash flow and advise on whether trading on is viable or if you should cease operations to protect creditors and yourself.
What happens to employees when a company is liquidated in Worcester Park?
In a CVL, all employees are automatically dismissed once the liquidation order is made. The liquidator handles redundancy payments, notice pay, and holiday pay claims, which are paid from the National Insurance Fund if the company lacks assets. We guide you on employee communication and ensure all statutory obligations are met to minimise distress.
How long does the liquidation process take in Worcester Park?
A CVL typically completes within 6 to 12 months, but the liquidator's final report and dissolution can take longer if asset realisation or legal investigations are needed. An MVL can be faster, often closing within 3 to 6 months. The exact timeline depends on the company's financial records and the complexity of its asset and creditor structure.
Can I liquidate a company with no assets and no money in Worcester Park?
Yes, but you may need to provide funding for the liquidation costs. If the company has no assets, the liquidator's fees must be paid by directors or shareholders. We offer payment plans and can advise on whether a voluntary strike-off under Section 1003 of the Companies Act 2006 is a cheaper alternative, provided the company meets eligibility criteria.
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