Members Voluntary Liquidation

Even though the company is solvent the process of an MVL requires a licensed insolvency practitioner to be appointed as liquidator for the company.

We want to charge you as little as possible for the MVL. Therefore, we ask you to ensure where possible all outstanding matters are finalised before the liquidation starts. Ideally, by the time Brailey Hicks are formally appointed there will only be a bank account left in the company.

In the first instance we will normally meet you with your accountant to discuss the requirements and tax treatment and agree the appropriate timing for the MVL. Other points which we often discuss at this point include:

Completion of any outstanding tax returns, including the final tax and VAT return which will cover the period up to the start of the MVL.

The timing of funds paid to shareholders. Sometimes it is desirable to have two payments in different tax years.

Any non-cash distributions to shareholders. Sometimes the company will own non cash assets, such as freehold property. These can be distributed to shareholders instead of cash which is called a ‘distribution in specie’.

Our fees, and disbursements so you have a clear idea of the cost.

Brailey Hicks will prepare all the paperwork which you will need to sign to start the MVL process. This will include an indemnity which we always ask you to sign. The first distribution to shareholders is normally made within the first few days of the MVL.

Get in touch

How can we help?

Business Name

Contact Name

Email Address

Phone Number

What type of advice to you require?

Message

Accept privacy policy

First Name

Last Name