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Frequently asked questions
What is the difference between solvent and insolvent liquidation in Huntly?
Solvent liquidation, known as Members' Voluntary Liquidation (MVL), is used when a company can pay all its debts in full within 12 months. It is often chosen for tax efficiency when closing a profitable business. Insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), is used when the company cannot pay its debts. In a CVL, a licensed insolvency practitioner takes control to realise assets and distribute funds to creditors, while investigating the directors' conduct.
How much does company liquidation cost in Huntly?
The cost of liquidation in Huntly varies based on the complexity of the company's affairs, the number of creditors, and the type of liquidation. For a simple CVL, fees may range from £3,000 to £6,000 plus VAT, while MVLs can be more expensive due to additional tax planning. We always provide a fixed-fee quote after a free initial review, ensuring no hidden costs or surprises.
Can I continue trading after appointing a liquidator?
No. Once a liquidator is formally appointed, they take control of the company. Directors lose their powers to trade or make decisions unless the liquidator specifically authorises certain actions, such as completing existing contracts to maximise asset value. Trading without authority after liquidation can lead to personal liability for debts incurred.
What happens to employees during a company liquidation in Huntly?
Employees are made redundant immediately upon liquidation, unless the liquidator retains them temporarily to help with asset sales or contract completion. Employees can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator provides the necessary forms and guidance to ensure claims are processed.
Are directors personally liable for company debts in liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted wrongfully. However, personal liability can arise if directors have given personal guarantees, traded while insolvent (wrongful trading), or been involved in fraudulent activity. Our experts help directors avoid these pitfalls by advising on proper conduct before and during liquidation.
How long does the liquidation process take in Huntly?
A straightforward CVL typically completes in 6 to 12 months, depending on asset realisation and creditor claims. MVLs can be completed in as little as 6 months if the company has simple assets. Complex cases with litigation or difficult asset sales may take longer. We provide a timeline estimate after the initial assessment and keep all stakeholders updated throughout.
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