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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 insolvent companies where the directors cannot pay debts as they fall due. It is initiated by the directors and shareholders, but a meeting of creditors is held to approve the liquidation. A Members Voluntary Liquidation (MVL) is for solvent companies where the directors make a statutory declaration of solvency, confirming the company can pay all debts in full within a set period (usually 12 months). MVL is often used for tax-efficient distribution of assets to shareholders.
How much does it cost to liquidate a company in Highland?
The cost of liquidation in Highland varies depending on the complexity of the case, the size of the company, and whether it is a CVL or MVL. For a simple CVL, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher if there are many creditors or assets to realise. We always provide a fixed fee quote before you commit, and we explain any disbursements (such as statutory advertising costs) upfront. For an exact quote, contact us for a free, no-obligation assessment.
Can I still trade after filing for liquidation?
No, once a company enters liquidation, the appointed liquidator takes control of the company's affairs, and directors lose their powers to trade. However, in the period before filing, directors must avoid wrongful trading. If you are considering liquidation, it is crucial to stop taking on new credit and to seek professional advice immediately. The liquidator may continue trading for a short time to sell stock or complete contracts, but only if it benefits creditors.
What happens to employees during a company liquidation in Highland?
In a CVL, employees are automatically made redundant from the date of liquidation. The liquidator will assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and pension contributions from the National Insurance Fund (via the Redundancy Payments Service). Employees are also preferential creditors for certain claims, meaning they may receive a dividend from the company's assets. The liquidator will provide all necessary forms and guidance.
Are directors personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law and the company is a limited liability entity. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or if directors have given personal guarantees for loans or credit. The liquidator has a duty to investigate director conduct and may pursue claims for misfeasance. Our advisors can help you understand your exposure and prepare a robust defence if needed.
How long does the liquidation process take in Highland?
The length of a liquidation depends on the type and complexity. A CVL can be completed in as little as 6 to 12 months if all assets are sold quickly and there are no disputes. However, if there are complex asset realisations, legal claims, or investigations, it can take several years. An MVL is often quicker, typically 6 to 9 months, but the final distribution to shareholders may occur after the statutory period for creditor claims has passed (usually 2-3 months after liquidation).
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