Members Voluntary Liquidation
What Is Members Voluntary Liquidation?
As a company owner with or without shareholders, you may decide to wind up the company, providing the company can pay creditors in full.
The majority of the stakeholders in the company would have to agree to the following procedure taking place. Once this decision is made a signed declaration must be produced by the directors stating that they are satisfied all of the company debts can be paid in full within a 12-month period.
The next step would be to appoint an insolvency practitioner, they would act as the liquidator to the company. Their responsibilities will include:
- Agreeing creditors’ claims
- Making distributions to creditors
- Returning any surplus asset value to the shareholders
- Releasing company assets
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Why Do I Need Tax Problems?
At Tax Problems we will advise company directors for free whether Members Voluntary Liquidation is appropriate. We will listen to you and any concerns you may have. We will answer any questions and if you require us to, we will recommend a few suitable insolvency practitioners.