Creditors Voluntary Liquidation Expenses
Approved Recovery Limited’s CVL expenses comprise of the following:
- Anti-money laundering searches (company and individuals)
- Statutory advertisements in the London Gazette (two to three adverts required)
- Specific insurance bond (subject to company’s asset value)
- Mileage
- Postage
| Disbursements | Category | £ |
|---|---|---|
| Company Anti-Money Laundering searches | 2 | £1.00 per search |
| Individual Anti-Money Laundering searches | 2 | £5.50 per search |
| Advertisements | 1 | £99.90 plus VAT each |
| Specific insurance bond | 1 | See below table |
| Mileage | 2 | £0.45 per mile |
| Postage (1st & 2nd class) | 2 | Royal Mail cost at time of posting |
The cost of the specific insurance bond is dependent on the asset value of the company.
Our current CVL specific insurance bond rates are shown in the below table.
| Asset Value | Bond £ |
|---|---|
| Under £5,000 | 40.00 |
| £5,001 - £10,000 | 60.00 |
| £10,001 - £25,000 | 140.00 |
| £25,001 - £50,000 | 270.00 |
| £50,001 - £100,000 | 480.00 |
| £100,001 - £250,000 | 750.00 |
| £250,001 - £500,000 | 1,020.00 |
| £500,001 - £1,000,000 | 1,350.00 |
| £1,000,001 - £2,000,000 | 2,160.00 |
| £2,000,001 - £3,500,000 | 2,700.00 |
| £3,500,001 - £5,000,000 | 3,240.00 |
| Over £5,000,000 | 3,920.00 |
Category 2 expenses require shareholder approval before they can be drawn. Category 1 expenses do not require prior approval before being drawn. All expenses are charged at cost plus VAT where applicable.
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