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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for an insolvent company that cannot pay its debts, where the directors choose to liquidate to avoid compulsory winding up by a court. A Members Voluntary Liquidation (MVL) is for a solvent company where shareholders decide to close the business, typically for retirement or restructuring, and requires a declaration of solvency. In an MVL, all debts are paid in full, and any remaining assets are distributed to shareholders in a tax-efficient manner.
How much do company liquidators in Falkirk charge for their services?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT, but we always provide a fixed fee quote before you commit. For an MVL, costs are often lower because the process is simpler. Our initial consultation is free, and we will give you a transparent written quote with no hidden charges.
What happens to the directors' personal guarantees during liquidation?
If you have signed personal guarantees for business loans, leases, or supplier credit, those guarantees remain enforceable after liquidation. The lender can pursue you personally for the outstanding amount. However, our liquidators can negotiate with creditors to potentially reduce the claim or arrange a settlement. We always advise directors to disclose personal guarantees early so we can explore all possible solutions, including informal arrangements or formal insolvency options like an IVA if needed.
Can I keep my company's assets, such as vehicles or equipment, after liquidation?
No, in a Creditors Voluntary Liquidation, the liquidator must realise (sell) all company assets to repay creditors. You cannot retain assets unless you purchase them from the liquidator at a fair market value, which must be agreed with creditors. In a Members Voluntary Liquidation, you can distribute assets to shareholders as part of the winding-up process, but this must be done in accordance with insolvency law and may incur tax liabilities.
How long does the liquidation process take in Falkirk?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of the company's affairs, the number of creditors, and the realisation of assets. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months if the company is straightforward. After the final meeting, the company is formally dissolved, which can take an additional 2 to 3 months for the Registrar of Companies to process.
What are the legal obligations of directors during liquidation?
Directors have a duty to cooperate fully with the liquidator, providing all company records, financial statements, and explanations of transactions. You must also disclose any preferential payments made to creditors or shareholders within the last 6 months, and any transactions at an undervalue. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Our liquidators will guide you through every step to ensure full compliance.
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