
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 a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL) in Shetland?
A CVL is used when a company is insolvent and cannot pay its debts as they fall due. It is initiated by directors but controlled by creditors. An MVL is for solvent companies where shareholders decide to close the business, often for tax efficiency. In Shetland, we guide you through both, ensuring compliance with Scottish law.
How much does a company liquidation cost in Shetland Islands?
Costs vary based on complexity, but our Shetland-based liquidators offer fixed-fee packages starting from £1,500 for an MVL and £3,000 for a CVL, excluding VAT and disbursements. We provide a detailed quote after a free initial review, with no hidden charges.
Can I keep trading if my company is insolvent in Shetland?
No, once insolvent, directors must cease trading to avoid wrongful trading claims. You must seek professional advice immediately. Our Shetland liquidators can help you assess your position and, if necessary, place the company into liquidation to protect you from personal liability.
What happens to employees when a company is liquidated in Shetland?
Employees are made redundant on the date of liquidation. The liquidator becomes responsible for their claims, including unpaid wages, holiday pay, and redundancy. We assist employees in claiming from the National Insurance Fund and provide clear communication throughout the process.
How long does the liquidation process take in Shetland?
A typical CVL takes 6-9 months to conclude, while an MVL can be completed in as little as 3-4 months if the company's affairs are straightforward. The timeline depends on asset realisation and creditor responses. We aim to expedite matters without compromising legal compliance.
Are there any alternatives to liquidation for a Shetland company?
Yes, alternatives include a Company Voluntary Arrangement (CVA), administration, or negotiating a time-to-pay agreement with HMRC. However, if the business is not viable, liquidation is often the cleanest exit. Our Shetland advisers will review your options and recommend the most cost-effective route.
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