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IDEO BUSINESS SERVICES LTD
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Frequently asked questions
What is the difference between creditors voluntary liquidation (CVL) and members voluntary liquidation (MVL)?
A creditors voluntary liquidation (CVL) is used for insolvent companies that cannot pay their debts. It is initiated by the directors and shareholders, and a liquidator is appointed to sell assets and distribute proceeds to creditors. A members voluntary liquidation (MVL) is for solvent companies that want to close, often for tax efficiency. In an MVL, the company can pay all its debts in full, and any surplus is distributed to shareholders.
How long does the liquidation process take in Melrose?
The duration depends on the type of liquidation and the complexity of the company's affairs. A straightforward members voluntary liquidation (MVL) can be completed in as little as 6 to 12 months, as it requires a period for creditors to claim. A creditors voluntary liquidation (CVL) may take longer, often 12 to 18 months, especially if there are complex asset sales or legal issues. Our team works efficiently to expedite the process while ensuring compliance.
Can I continue trading while my company is in liquidation?
Once a liquidation order is made or a liquidator is appointed, the directors' powers cease, and the liquidator takes control of the company. Trading cannot continue in the normal sense. However, the liquidator may continue trading temporarily to sell stock or complete contracts if it benefits creditors. For solvent companies in an MVL, trading must stop once the resolution to wind up is passed.
What are the legal obligations of directors during liquidation?
Directors have a duty to cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be voidable or preferential. They must also ensure that they have not traded wrongfully or fraudulently. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our liquidators guide directors through their obligations to minimize risk.
Will I be personally liable for company debts if I liquidate?
Generally, directors are not personally liable for company debts if the company is limited by shares. However, personal liability can arise if you have given personal guarantees for loans or credit, or if you have engaged in wrongful trading, fraudulent trading, or misappropriation of assets. Our team will assess your situation and advise on potential exposures before proceeding with liquidation.
How much does it cost to appoint a liquidator in Melrose?
The cost varies based on the complexity of the liquidation and the size of the company. For a creditors voluntary liquidation (CVL), fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to fund the process. For a members voluntary liquidation (MVL), fees are agreed upfront and can range from £1,500 to £5,000 or more. We provide transparent fee quotes after an initial assessment.
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