Restructuring, Turnaround and Insolvency Specialists

Members’ Voluntary Liquidations

Often companies outlive their purpose or simply cease trading. At such a time it is important for these businesses to have their affairs wound-up, any creditors paid and their surplus assets distributed to members so their tax liability is minimised.

Upon embarking upon such a process, we will often work directly work with the company’s external accountant to ensure its affairs are administered in the most effective manner.

Though the MVL process, we can help maximise the benefits achieved by this process which may include:

  • Savings in management time preparing financial information, tax returns and annual returns
  • Savings in audit and accounting costs
  • Group simplification – eliminating dormant legal entities to achieve a more cost-efficient company structure
  • Reducing the number of directorships held personally to improve corporate governance

A Members’ Voluntary Liquidation can only occur if the business is solvent (i.e. it can repay all of its creditors).   If upon commencement of the liquidation it is found that the company is actually insolvent, it will be transitioned into a Creditors Voluntary Liquidation.

 

Liability limited by a scheme approved under Professional Standards Legislation