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J C Accounting Ltd
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Frequently asked questions
What is the difference between a CVL and an MVL in Worthing?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors cannot pay debts as they fall due. An MVL (Members Voluntary Liquidation) is only for solvent companies where directors can confirm solvency, allowing for tax-efficient distribution of assets. Our licensed insolvency practitioners in Worthing will help you determine which is appropriate based on your company's financial position.
How much does a company liquidation cost in Worthing?
The cost of liquidation in Worthing varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, a CVL starts from around £4,000 plus VAT, but we always provide a fixed-fee quote after a free initial consultation. We ensure no hidden costs and explain all fees upfront before you commit.
Can I keep trading while my company is being liquidated in Worthing?
Once a liquidation order is made or a CVL is approved, trading must cease immediately. However, in some circumstances, the liquidator may allow limited trading to complete existing contracts or sell stock, but this is at the discretion of the appointed insolvency practitioner. Continuing to trade while insolvent can lead to personal liability for wrongful trading.
What happens to my employees if I liquidate my company in Worthing?
In a CVL, all employees are made redundant on the date the liquidation begins. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund via the Redundancy Payments Service. Our liquidators will provide you with the necessary documentation to give to your staff and guide you through the process.
How long does the liquidation process take in Worthing?
A straightforward CVL typically takes between 6 to 9 months to complete, depending on the complexity of the asset realisation and creditor claims. An MVL can be quicker, often concluding within 3 to 6 months. However, if there are complex investigations or legal issues, the process may take longer. We provide a realistic timeline at the outset.
Are you licensed insolvency practitioners in Worthing?
Yes, our team consists of fully licensed insolvency practitioners regulated by recognised professional bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW) or the Insolvency Practitioners Association (IPA). We adhere to strict ethical standards and provide professional, legally compliant liquidation services throughout Worthing and West Sussex.
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