Help for Directors

All businesses face the occasional financial crisis but when they become a critical problem you need to know exactly where you stand. In our help for directors section, you will find specific information for answering your questions around if you are insolvent, what you need to do if you are and how it will affect you.

Creditors Voluntary Liquidation

What is known as Creditors Voluntary Liquidation is the process that most businesses must go through if they are insolvent. It can be a difficult time for everyone involved, so we have created this special section of our site to give you the important facts about CVLs in a clear and down to earth way so you can see where you stand.

Members Voluntary Liquidation

This is when your company is still solvent, but you (and your fellow directors) decide it is time to call it a day and retire or move on to the next stage of your lives.  With an MVL, you will release the assets and use these funds to pay off the creditors before returning the remaining funds to the shareholders.

Creditors Guide to Fees

jump to content

Creditors Guide to Fees

Creditors guide to fees are available on the ICAEW website;

These guides are effective from 1 April 2021, although links can be found for previous guides if required.

These guides do not include guidance to fees in respect of Members’ Voluntary Liquidation (MVL), which is a solvent liquidation. In these cases, fees are fixed by the shareholders. A guide to fees in an MVL is available here. 

Smart Business Practice Fee Recovery Policy can be found here.

 

 

transparent gif