This is a question that we, as Insolvency Practitioners, get asked a lot.
When we provide a quote for a Members’ Voluntary Liquidation (also known as a solvent liquidation), our fee is £995 +VAT “+disbursements”.
So, what are the disbursements in an MVL?
There are some legal disbursements that have to be paid in an MVL.
We charge all of the disbursements at cost, and we regularly review them to ensure that we are getting the best prices available.
Throughout the course of the MVL we have to take out 3 Statutory Adverts in the London Gazette (or Belfast or Edinburgh Gazette, as appropriate). These are to provide any possible creditors the chance to come forward to lodge their claim.
The cost of these is 3 x £72.00 = £216 +VAT: £259.20
Statutory Adverts – for a company registered in Scotland
An additional advert needs to be taken out in the Scottish Daily Mail. The additional cost of this advert is £69+VAT: £82.80
A compulsory bond needs to be taken out. This provides the directors with security whilst funds are under the control of Clarke Bell. The bond fee is dependent on the assets of the company.