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Frequently asked questions
What is the difference between creditor voluntary liquidation (CVL) and compulsory liquidation?
Creditor voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the business is insolvent. They appoint a licensed insolvency practitioner to manage the process, which is less formal and often yields better returns for creditors. Compulsory liquidation is a court-ordered process, typically initiated by a creditor who obtains a winding-up petition. This occurs when the company fails to pay debts, and the court appoints an official receiver. CVL gives directors more control and is generally faster and less costly than compulsory liquidation.
How much does company liquidation cost in Yeovil?
The cost of liquidation varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher if there are complex asset recoveries or legal issues. These fees are paid from the company's assets, not out of your personal pocket, and are approved by creditors. We always provide a fixed-fee quote after a free initial assessment, ensuring no hidden costs.
Can I continue to trade if my company is insolvent?
No, once you know your company is insolvent, continuing to trade can lead to personal liability for wrongful trading under the Insolvency Act 1986. You must act in the best interests of creditors. The safest course is to seek professional advice immediately. A liquidator can help you assess whether a rescue plan is viable or whether you should cease trading and enter liquidation to avoid further losses. Delaying action can result in disqualification as a director or even personal financial penalties.
What happens to employees during company liquidation in Yeovil?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made (for compulsory) or when the resolution is passed (for CVL). The liquidator takes over responsibility for employee matters. Redundancy payments, unpaid wages, holiday pay, and notice pay are preferential debts and are paid from the company's assets. If assets are insufficient, employees can claim from the National Insurance Fund via the Redundancy Payments Service. The liquidator provides necessary documentation for these claims.
Can I buy back assets from my company after liquidation?
Yes, it is possible for directors to purchase assets from the liquidator, but this is subject to strict rules. The liquidator must obtain approval from creditors or the court, and the assets must be valued independently to ensure a fair market price. This process is designed to prevent directors from unfairly acquiring assets at undervalue. You should discuss this with your liquidator early, as they can guide you through the legal requirements and ensure transparency, which is crucial to avoid any appearance of misconduct.
How long does the liquidation process take in Yeovil?
A typical creditor voluntary liquidation takes between 6 to 12 months to complete, depending on the complexity of asset realization and creditor claims. Simple cases with few assets and no disputes may be concluded in as little as 3 months. Compulsory liquidation can take longer due to court processes. The liquidator's role includes investigating the company's affairs, selling assets, agreeing creditor claims, and distributing funds. You will receive regular updates, and the process concludes with the company's dissolution from Companies House.
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