Members voluntary liquidation - Cost and Timelines Impact

**Maslins** · 30 May 2013, 16:48

Total cost will depend upon the net asset value (as will impact the cost of the bond disbursement), and of course the fees of the liquidator.

You will need a solicitor to witness a document early on. They're not giving you any legal advice, literally just confirming they saw you sign it. Costs for this vary, but most will do it for sub £50.

Most MVL Online cases end up costing ~£1,800 all in (inc VAT)...but if you've got a particularly large cash balance (eg >£500k) expect a few hundred pounds more due to the more expensive bond. Quite a few CUKers (admittedly now often ex CUKers as no longer contracting) have been through the process successfully with us.

Timescale - typically ~1 month until you get 75% of your funds. This is dependent upon the speed your bank gets funds to us. If you're with Cater Allen it can be closer to 2 weeks, if you're with Lloyds/Barclays it's often 6+ weeks. There's then normally a wait of a further ~2 months until we've got the all clear from HMRC to close the case down and pay out the balance.

**northernladuk** · 30 May 2013, 16:52

There are a couple of threads related to this which might help?

http://forums.contractoruk.com/accou...rocedures.html

http://forums.contractoruk.com/accou...vl-online.html

http://forums.contractoruk.com/accou...d-company.html

The rest are a bit older and the rules have changed so not much use I don't think.

Hope there is something in there for you.

Members voluntary liquidation - Cost and Timelines Impact