In: ufaq
How long will it take for the shareholders to receive a dividend? Will they receive all the funds at the same time?
June 30, 2020This will depend on the assets the Company has detailed in its balance sheet. If it is solely cash at bank,…
Read MoreThere are sums due to HM Revenue & Customs. Do I need to do anything?
June 30, 2020As HM Revenue & Customs charge Statutory interest on any amounts due to themselves from the day the Company is placed…
Read MoreDo I need to pay all the creditors prior to placing my Company into a solvent liquidation?
June 30, 2020No. You are able to liquidate your Company even when it has outstanding creditors and there are sufficient funds to pay…
Read MoreWhat would the cost be to liquidate my Company?
June 30, 2020This will depend on the complexity of the liquidation and number of creditors and shareholders. A MVL would start from £5,000…
Read MoreWhat is the process of placing my Company into MVL?
June 30, 2020The Company can be placed into MVL in a relatively short time frame. Insolve Plus’ experienced staff would draft all the…
Read MoreWhat is a Members Voluntary Liquidation?
June 30, 2020A Company can be wound up using this process if it is solvent. That means its assets exceed its liabilities and…
Read MoreWhen will the liquidation finish?
June 30, 2020Once all assets have been realised and after costs, subject to their being any funds available, a dividend is paid to…
Read MoreCan I as a director claim redundancy and if so how?
June 30, 2020If you were paid via the Company’s PAYE scheme and have a contract of employment, you will be able to apply…
Read MoreCan I be held personally liable for any of the Company’s debt?
June 30, 2020There are certain, unusual circumstances where this is possible, such as wrongful trading, preference, misfeasance and illegal dividends. If you are…
Read MoreWill HM Revenue and Customs (“HMRC”) pursue me personally for outstanding tax?
June 30, 2020Unless there are exceptional circumstances, the debts due to HMRC, by the Company, will remain within the Company and they will…
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