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MJF ACCOUNTANCY LIMITED
Frequently asked questions
What is the role of a company liquidator in Stornoway?
A company liquidator in Stornoway is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their role includes selling company assets, settling debts with creditors, investigating the company's financial history, and ensuring that all legal and statutory requirements are met. They act in the best interests of creditors while also providing guidance to directors throughout the liquidation process.
When should a company in Stornoway consider liquidation?
A company in Stornoway should consider liquidation when it is insolvent, meaning it cannot pay its debts as they fall due, or when its liabilities exceed its assets. Other triggers include a decline in business viability, loss of key contracts, or a director's decision to retire without a successor. Seeking professional advice early is crucial to explore alternatives like administration or restructuring, but if liquidation is inevitable, a licensed liquidator can help.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies, where directors initiate the process because the company cannot pay its debts. A Members' Voluntary Liquidation (MVL) is for solvent companies, where directors and shareholders decide to close a profitable business, often for tax efficiency or retirement. In an MVL, a declaration of solvency must be made, and creditors are paid in full before any distribution to shareholders.
How long does the liquidation process take in Stornoway?
The duration of liquidation in Stornoway varies depending on the complexity of the company's affairs. A simple CVL might be completed in 6 to 12 months, while an MVL can often be concluded within 6 months if all assets are easily realised. However, if there are complex asset sales, legal disputes, or investigations, the process can take longer. Your liquidator will provide a realistic timeline based on your specific situation.
Can I continue to trade after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company. Directors' powers cease, and they cannot continue to trade or make decisions about company assets without the liquidator's consent. The liquidator's role is to wind down operations, realise assets, and distribute proceeds to creditors. Continuing to trade without authorisation could lead to personal liability for directors.
What are the costs of hiring a company liquidator in Stornoway?
The costs of hiring a company liquidator in Stornoway depend on the complexity of the case and the type of liquidation. For a CVL, fees are often based on a percentage of asset realisations or an agreed fixed fee, which is paid from company assets. For an MVL, fees may be fixed or time-based. It is essential to discuss fees upfront and obtain a clear written quotation. Many firms, including ours, offer a free initial consultation to discuss costs.
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