What is a Members’ Voluntary Liquidation [“MVL”]?
In most cases, an MVL is the best way for a shareholder to get his/her money out of a company in a tax efficient manner. In addition, it can be used as a tool to carry out the reconstruction of the assets or trade of a company.
Capital reliefs, such as Business Asset Disposal Relief [aka Entrepreneurs Relief], can be applied to all capital distributions made by the Liquidator to shareholders who own 5% or more of the company’s shareholding.
We aim to ensure that capital distributions are made to shareholders in a timely and efficient manner. In most MVLs, a significant cash distribution is made to members within 24 hours of our appointment.
Insolvency-Online will liaise with the company’s existing accountants to ensure that all outstanding Corporation Tax Returns are submitted. As well as getting the monies out to shareholders as quickly as possible, our major role is to obtain tax clearance from HM Revenue & Customs.
Nowadays, the whole liquidation process tends to be done by exchanges of emails and telephone conversations, nevertheless, we are happy to meet with directors and shareholders at our offices or at a location convenient for both parties. Dealing with other people’s money properly is very important to us – we do not cut corners and, although you may see some very low quotes for this type of work on the internet, we will always be competitive and transparent in our charging regime.
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