If you are considering closing down your limited company, you need to know how your financial situation affects which liquidation route will be available. The choice between a CVL or MVL will depend on your company’s financial health and whether it is solvent or insolvent. What’s the difference? A Members’ Voluntary Liquidation (MVL) is a liquidation … Creditors’ or Members’ Voluntary Liquidation?
If your company is insolvent, it cannot pay its debts as they fall due. Insolvency can also mean that the company’s debts exceed its assets, making it no longer financially viable. Insolvency can happen at any point in a company’s lifetime which is why it is important to ensure you are always fully aware of … What does it mean to be insolvent?
If you have been looking into closing your solvent limited company, maybe to retire or release the cash tied up in the business, you’re likely considering a Members’ Voluntary Liquidation (MVL). To help you understand the process, we’ll explain the MVL cost and the steps involved when closing your company. What is an MVL? An MVL … How much does an MVL cost?
If you are the director of a company that is no longer able to meet its financial obligations or are in a position where the company has more liabilities than assets, even if you have ceased trading, then it is likely that your company is insolvent. Knowing what happens to a director of a company … The role of Directors during Insolvent Liquidation
Closing your insolvent limited company through a Creditor’s Voluntary Liquidation (CVL) will give you peace of mind, as the process must be completed by a licensed insolvency practitioner. They will ensure the company closure is organised and that everyone involved has acted professionally and legally. However, it is understandable that you may be concerned about … How much does a CVL cost?
When your company is in financial distress, it can be difficult to deal with the pressure alone. Rather than dealing with the pressure alone, it can be beneficial to seek the guidance of an Insolvency Practitioner (IP). The role of an IP includes assessing your company’s current financial situation and using their professional advice to … What is the role of an Insolvency Practitioner?