FIND OUT MORE…
- Members Voluntary Liquidation in Detail
- Key Points to Using Neville & Co for your Members Voluntary Liquidation
- A Word of Advice
MEMBERS VOLUNTARY LIQUIDATION IN DETAIL
The important issues for directors to consider for an MVL are:
- Getting an accurate up to date balance sheet showing all the assets and liabilities. This is needed for the statement of affairs.
- Having available all the names and addresses for shareholders (the members).
- To reduce the liquidator’s costs, it is advisable to have the company in as simple a form as possible. This means having collected in all the assets and sold them, laid off staff and paid out creditors (suppliers) where possible.
- Often the only creditor left unpaid at the start of the liquidation is H M Revenue & Customs for corporation tax.
A MEMBERS VOLUNTARY LIQUIDATION SHOULD ONLY BE USED WHERE ALL CREDITORS HAVE BEEN PAID IN FULL OR WILL BE PAID IN FULL WITHIN 12 MONTHS FROM THE DATE OF LIQUIDATION.
KEY POINTS TO USING NEVILLE & CO FOR YOUR MVL
- We will pay the shareholders out fast – usually within seven days.*
- Aim to get you to do most of the work in order to reduce our fees.
- We can fix the fee for liquidation.
- We will charge for the insolvency bond and statutory adverts.
- We don’t charge for letters/stamps/storage boxes.
*We will need your accountant to confirm the company tax bill to do this.