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IDEO BUSINESS SERVICES LTD
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Breco Accounting Services
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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 when a company is insolvent, meaning it cannot pay its debts as they fall due. The process is initiated by directors, and a licensed insolvency practitioner is appointed to wind up the company, sell assets, and distribute funds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close the business voluntarily. In an MVL, the company can pay all its debts in full, and any remaining assets are distributed to shareholders, often with tax advantages. Our team in Montrose can assess your situation and recommend the correct procedure.
How much does company liquidation cost in Montrose?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets and creditors, and the type of liquidation required. For a straightforward Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex cases. Members Voluntary Liquidation fees are often lower, starting from around £1,500. We provide transparent, fixed-fee quotes before any work begins, and we will discuss all costs upfront so there are no hidden surprises. Contact us for a tailored estimate based on your company's specific circumstances.
Can I continue to trade while my company is being liquidated?
Once a liquidation order is made or a resolution to wind up is passed, the appointed liquidator takes control of the company, and directors' powers cease. However, in the period leading up to liquidation, directors must act responsibly and avoid trading if the company is insolvent, as this could lead to wrongful trading claims. In some cases, a liquidator may allow limited trading to complete contracts or sell stock, but this is at their discretion. Our advisors can guide you on the legal boundaries and help you make the right decisions before initiating liquidation.
What are the legal obligations of directors when liquidating a company in Montrose?
Directors have a legal duty to act in the best interests of creditors when a company is insolvent. This includes preparing a statement of affairs, cooperating with the liquidator, and providing all relevant financial records. Directors must also avoid preferential payments to certain creditors, which could be challenged. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Our licensed insolvency practitioners will guide you through your obligations and ensure you meet all statutory requirements, protecting you from potential legal issues.
How long does the liquidation process take in Montrose?
The duration of a liquidation depends on the complexity of the case. A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, but this can extend if there are complex asset sales, legal disputes, or investigations. A Members Voluntary Liquidation is often quicker, sometimes completing in 3 to 6 months. The process includes calling meetings, submitting documents to Companies House, realising assets, distributing funds, and finally dissolving the company. We provide regular updates and aim to complete the process as efficiently as possible without compromising on thoroughness.
What happens to company employees during liquidation in Montrose?
When a company enters liquidation, all employees are automatically dismissed from the date of the winding-up order or resolution. Employees become preferential creditors for unpaid wages, holiday pay, and redundancy payments, and they may be able to claim certain payments from the National Insurance Fund (Redundancy Payments Service). The liquidator will notify employees of their rights and assist with claims. If you have employees, we will ensure they are treated fairly and that all statutory entitlements are processed correctly.
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