ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the role of a company liquidator in Motherwell?
A company liquidator in Motherwell is a licensed insolvency practitioner who manages the formal closure of a company. Their role includes assessing the company's financial position, realising assets, settling creditor claims, and distributing any remaining funds to shareholders. They also ensure compliance with the Insolvency Act 1986, handle legal paperwork, and investigate director conduct if necessary.
How much do company liquidation services cost in Motherwell?
The cost of liquidation in Motherwell varies based on the complexity of your case, the size of the company, and the type of liquidation required. For a Creditors Voluntary Liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT, but many firms offer fixed-fee packages. Members Voluntary Liquidation (MVL) costs are often lower, starting around £2,500. Always request a detailed quote before proceeding.
What is the difference between CVL and MVL in Scotland?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets, and it is initiated by directors to avoid compulsory winding up. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close voluntarily, often for tax efficiency. In Scotland, both processes are governed by the Insolvency Act 1986, but MVL requires a statutory declaration of solvency.
Can I keep trading while my company is being liquidated in Motherwell?
Once a liquidation order is granted or a CVL resolution is passed, trading must cease immediately, except for actions necessary to preserve asset value or complete essential contracts. Continuing to trade with the intention of defrauding creditors is illegal and could lead to personal liability. Your liquidator will advise on any limited trading allowed during the wind-down period.
What happens to employees when a company goes into liquidation in Motherwell?
Employees are automatically made redundant when a company enters liquidation. They become preferential creditors for unpaid wages, holiday pay, and pension contributions, up to statutory limits. The liquidator will provide claims forms for the Redundancy Payments Service, which can cover statutory redundancy pay, notice pay, and unpaid wages. The liquidator also ensures employees receive their P45s.
How long does the liquidation process take in Motherwell?
The duration of liquidation in Motherwell depends on the complexity of the case. A straightforward CVL can complete in 6 to 12 months, while MVL may be finalised in 3 to 6 months if all assets are easily realised. However, cases involving litigation, complex asset recovery, or disputed claims can extend to several years. Your liquidator will provide a timeline based on your specific circumstances.
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