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Members Voluntary Liquidation
MVL - Solvent Business it may be a dormant business
Members: (Directors/Shareholders)
Voluntary: (freely; willingly; deliberately; intentionally)
Liquidation: (cessation; closure; distribution)
The company may still be trading or be proposing to cease it’s business having
been dormant. The company’s members resolve to wind-up it’s financial affairs
and distribute it’s funds within an orderly winding down to be administered
within the 12 months statutory legal requirement. This form of closure has to be
administered by an ‘insolvency practitioner’ the liquidator.
Key Issues:
- The company must be solvent.
- Careful consideration must be given to taxation implications.
- The ‘liquidator’ should by law be an insolvency practitioner.
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"Our client’s needed advice on their complex shareholder difficulties resolved
by CIB. The client has commenced a successful MVL for two of their dormant
companies, satisfying shareholders and have consolidated their main trading
business."
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