In: MVL
What happens if following the liquidation, it becomes apparent there are insufficient funds available to pay all creditors in full?
June 30, 2020Should this situation occur, there are potentially serious consequences for the directors as a Declaration of Solvency has been sworn. The…
Read MoreAre there any tax implications for the shareholders?
June 30, 2020There could be personal tax implications for the shareholders. We would suggest you seek independent taxation advice from a qualified professional…
Read MoreCan the shareholders receive assets instead of receiving a cash distribution?
June 30, 2020Yes. This is known as a distribution in specie. As an example, properties are sometimes distributed in this way if the…
Read MoreHow long will it take for the shareholders to receive a dividend? Will they receive all the funds at the same time?
June 30, 2020This will depend on the assets the Company has detailed in its balance sheet. If it is solely cash at bank,…
Read MoreThere are sums due to HM Revenue & Customs. Do I need to do anything?
June 30, 2020As HM Revenue & Customs charge Statutory interest on any amounts due to themselves from the day the Company is placed…
Read MoreDo I need to pay all the creditors prior to placing my Company into a solvent liquidation?
June 30, 2020No. You are able to liquidate your Company even when it has outstanding creditors and there are sufficient funds to pay…
Read MoreWhat would the cost be to liquidate my Company?
June 30, 2020This will depend on the complexity of the liquidation and number of creditors and shareholders. A MVL would start from £3,500…
Read MoreWhat is the process of placing my Company into MVL?
June 30, 2020The Company can be placed into MVL in a relatively short time frame. Insolve Plus’ experienced staff would draft all the…
Read MoreWhat is a Members Voluntary Liquidation?
June 30, 2020A Company can be wound up using this process if it is solvent. That means its assets exceed its liabilities and…
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