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 difference between CVL and MVL for companies in Ross-shire?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, while a Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close. In a CVL, creditors control the process and a liquidator is appointed to realise assets and distribute funds. In an MVL, shareholders appoint a liquidator to wind up the company, and funds are returned to shareholders after all liabilities are settled.
How much does company liquidation cost in Ross-shire?
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 CVL, fees typically range from £4,000 to £8,000 plus VAT, but this can increase for larger or more complex cases. We provide a fixed-fee quote after an initial free consultation, so you know exactly what to expect.
Can I continue trading after my company enters liquidation?
No, once a company enters liquidation, the liquidator takes control of the business and all trading must cease immediately. The liquidator's role is to protect the interests of creditors, so any continued trading without the liquidator's consent could lead to personal liability for directors. If you wish to continue trading, alternative solutions like administration or a company voluntary arrangement (CVA) may be more appropriate.
What are the legal duties of directors during liquidation in Ross-shire?
Directors have a duty to cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that occurred in the period leading up to liquidation. They must also avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvency. Failure to comply with these duties can result in personal liability, disqualification, or even criminal prosecution.
How long does the liquidation process take for a company in Ross-shire?
A simple CVL can be completed in as little as 6 to 9 months, while an MVL often takes 3 to 6 months if all documents are in order. However, complex cases with multiple assets, legal disputes, or missing records can take longer. The liquidator must also wait for the statutory period for creditors to claim, which can extend the timeline.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically made redundant. The liquidator will provide each employee with a claim form to submit to the Redundancy Payments Service (RPS) for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator also assists with any outstanding pension contributions and ensures employees receive their legal entitlements as preferential creditors.
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