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How Much Does it Cost to Go into Voluntary Liquidation?

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Leading UK
How Much Does it Cost to Go into Voluntary Liquidation?

Voluntary liquidation can be of two types- CVL and MVL. CVL stands for Creditors’ Voluntary Liquidation whereas MVL stands for members’ voluntary liquidation. The selection for the procedure depends upon the financial status of the company. Voluntary liquidation costs are also different in both these cases and depend upon the type of method opted for. There are different ways to cut these costs up to some extent. For this, you can take suggestions from some insolvency practitioners. At ‘Leading UK’, you will get a chance to have a conversation with different practitioners and experts in their fields. In case your company is solvent and can pay off its debts, you should go for MVL. Here, you will be able to close your company effectively and will be allowed to withdraw all the excess amount. Sometimes a company is formed for a specific purpose and once this is over, it is necessary to close the company. Similarly, in the case of CVL, a company is closed upon the petition of your creditors. This is the time when a company fails to-pay all its loans and in this case, it becomes more difficult to manage things properly.

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