How long does MVL take?

One of BTCC's core offerings is its spot trading service, enabling users to buy and sell cryptocurrencies at prevailing market prices. Additionally, the exchange provides futures trading, catering to investors seeking to leverage their positions and capitalize on market movements. BTCC also operates a secure wallet service, safeguarding users' digital assets and facilitating seamless transactions.

This assessment is pivotal as it serves as the foundation for the subsequent liquidation process, ensuring transparency and fairness towards creditors. The MVL declaration must clearly state the findings of this review, outlining the feasibility of full debt repayment within the stipulated timeframe.

Following the issuance of the MVL declaration, time becomes a crucial factor. Within a strict window of 5 weeks, you, as the director, and any other directors of the company must convene and pass a resolution to officially commence the liquidation process.

This resolution signifies the unanimous agreement among the company's directors to proceed with the liquidation, acknowledging the financial health assessment and committing to the path forward. It marks a pivotal moment in the company's lifecycle, transitioning from active operations to dissolution.

Initiating an MVL, or Members' Voluntary Liquidation, is a critical step for companies seeking to dissolve their operations in an orderly manner. The process commences with a comprehensive financial review to ascertain the company's capability to repay all debts, both existing and contingent, including accrued interest, within a period of 12 months.