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IDEO BUSINESS SERVICES LTD
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Stewart Accounting Services
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Frequently asked questions
What is the difference between a CVL and an MVL in North Berwick?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a licensed insolvency practitioner who realises assets and distributes proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business, often for tax efficiency. In an MVL, the company can pay all debts in full, and surplus funds are distributed to shareholders.
How much does company liquidation cost in North Berwick?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of creditors, and the value of assets. For a typical Creditors Voluntary Liquidation, fees may range from £3,000 to £6,000 plus VAT and disbursements. For a Members Voluntary Liquidation, costs are often lower, starting around £2,500. We provide a fixed-fee quote after a free initial review of your company's situation.
Can I continue trading while my company is being liquidated?
No, once a liquidator is appointed, they take control of the company. Directors cease to have authority to trade or make decisions about company assets. However, with the liquidator's consent, limited trading may be permitted to complete contracts or sell stock in an orderly manner. It is essential to seek advice before trading while insolvent, as this can lead to personal liability for wrongful trading.
What happens to employees when a company in North Berwick goes into liquidation?
In a Creditors Voluntary Liquidation, employees are usually made redundant on the date the liquidator is appointed. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and unpaid wages, which may be claimed from the National Insurance Fund. The liquidator will provide the necessary forms (RP1, RP2) to employees. In an MVL, employees are typically made redundant before the liquidation begins, with all outstanding payments settled.
Are directors personally liable for company debts in liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if there has been wrongful trading, fraudulent trading, or if directors have given personal guarantees. Directors can also be liable for misfeasance if they have misused company assets. Taking early advice from a licensed insolvency practitioner can help you avoid these risks and ensure compliance with your duties.
How long does the liquidation process take in North Berwick?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of the asset realisation and creditor claims. A Members Voluntary Liquidation can be completed in as little as 3 to 6 months, provided all statutory requirements are met. The liquidator must file final accounts with Companies House and notify creditors before the company is formally dissolved.
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