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Frequently asked questions
What are the main types of company liquidation available in Glenrothes?
The main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies closing down, and compulsory liquidation which is court-ordered. Our licensed liquidators in Glenrothes assess your situation and recommend the most suitable route, ensuring compliance with Scottish insolvency law.
How much does it cost to liquidate a company in Glenrothes?
The cost varies based on company complexity, asset value, and creditor numbers. Typically, CVL fees range from £3,000 to £6,000 plus VAT, but we provide a fixed-fee quote after a free consultation. For MVL, costs are often lower as there are fewer creditors. We always provide transparent pricing with no hidden charges.
Can I continue trading after appointing a liquidator in Glenrothes?
Once a liquidator is appointed, directors lose control of the company. The liquidator's role is to wind down operations, sell assets, and distribute funds to creditors. You cannot continue trading, but you may be retained as an employee or consultant if the liquidator needs your help to maximise asset value.
What happens to employees when a company goes into liquidation in Glenrothes?
When a company enters liquidation, employees are automatically dismissed from the date of liquidation. The liquidator handles redundancy claims through the Redundancy Payments Service (RPS) for unpaid wages, holiday pay, and notice pay. We guide you through the process and ensure employees receive their statutory entitlements.
Are there any alternatives to liquidation for my Glenrothes company?
Yes, alternatives include a Company Voluntary Arrangement (CVA) to restructure debts, administration to give breathing space, or informal arrangements with creditors. However, if the company is insolvent with no viable future, liquidation may be the most straightforward option. Our team evaluates all possibilities to protect your interests.
How long does the liquidation process take in Glenrothes?
A Creditors Voluntary Liquidation typically completes within 6 to 12 months, depending on asset sales and creditor claims. Members Voluntary Liquidation can be faster, often 3 to 6 months. Compulsory liquidation may take longer due to court procedures. We provide a realistic timeline after reviewing your company's circumstances.
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