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MRC Accounting Services
Providing accounting services and solutions
Frequently asked questions
What is the difference between a creditors' voluntary liquidation (CVL) and a members' voluntary liquidation (MVL)?
A CVL is used when a company is insolvent and cannot pay its debts. It is initiated by the directors and involves a meeting of creditors, where a liquidator is appointed to sell assets and distribute proceeds. An MVL is used for a solvent company, typically when owners decide to retire or restructure. In an MVL, directors make a declaration of solvency, and a liquidator distributes assets to shareholders after paying all debts.
How much does a company liquidation cost in Launceston?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a simple CVL, fees can start from around $4,000 to $6,000 plus GST, but this can increase if there are legal issues, unsecured creditors, or complex asset sales. We provide a fixed-fee quote after an initial review of your company's financial position.
Can I continue trading my company while it is being liquidated?
Once a liquidator is appointed, the directors lose control of the company, and trading must cease immediately except for actions that help preserve asset value or complete essential contracts with the liquidator's approval. Trading while insolvent before liquidation can lead to personal liability for directors, so it is crucial to seek advice as soon as financial difficulties arise.
What happens to employee entitlements during liquidation?
Employees are considered priority creditors in a liquidation. Their unpaid wages, annual leave, and long service leave are paid first from available assets. If there are insufficient funds, employees may claim unpaid entitlements from the Fair Entitlements Guarantee (FEG) scheme, which is a government safety net. Our liquidators assist employees in lodging these claims.
Will I be personally liable for company debts after liquidation?
Generally, no, because a company is a separate legal entity. However, directors can be personally liable if they have provided personal guarantees, engaged insolvent trading, or breached their director duties. Our liquidators investigate potential breaches and advise you on your exposure, helping you avoid personal liability where possible.
How long does the liquidation process take in Launceston?
A straightforward CVL typically takes between 6 to 12 months to complete, depending on the speed of asset realisation and creditor claims. MVLs can be faster, sometimes concluding in 3 to 6 months. Complex cases with litigation or significant asset recovery may take longer. We keep you informed throughout the process and aim to finalise matters efficiently.
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