How do I put my company into a MVL?
There are a number of steps involved for placing a company into Members’ Voluntary Liquidation (MVL) outlined throughout this post, including minimum requirements to qualify for a MVL.
Before deciding to place your company into MVL, it’s best to meet with a qualified insolvency practitioner to talk through all of your options. Reach out with a no obligation conversation to explore your options.
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Why choose Moore Recovery?
We’re a small, local office, staffed with friendly, knowledgeable people. We’ve been here for 35 years, with a great reputation for quality service. We take time to explain the process and documentation and remain in contact with you throughout the process.
Does my company qualify for a MVL?
Yes, if it has net assets of £25,000 or more.
We have written a full guide to help you understand what an MVL is, and all of the information you may need to understand the pros and cons of a MVL.
Additional information may also be found on how to liquidate your limited company through the GOV.UK page, which can be found here.
What does the MVL process entail?
- A Board meeting is held by the Directors at which it is resolved to commence the liquidation process;
- At the board meeting a Declaration of Solvency (with a statement of assets and liabilities) is sworn by the Directors in the presence of a Solicitor which states that the Company is solvent (this can be done either with a Solicitor in person or on a video call virtually);
- The shareholders will sign a deed of indemnity which covers any possible liability of the Company which may arise after the Company’s assets are distributed;
- The shareholders will pass resolutions to place the Company into liquidation and appoint our firm’s directors (Mustafa and Neil) as the joint liquidators;
- Funds and/or assets will be distributed to the shareholders straight away;
- We advertise for claims in the Gazette and if none are received we will proceed to close the liquidation.
How do I put my company into MVL (Members Voluntary Liquidation) with Moore Recovery?
If you’d like to put your company into MVL, contact a member of our team on 01782 201120. We’ll let you know what information we need, provide a quote for our services, liaise with your accountant if you want us to, and prepare the paperwork for you. We’ll then set a convenient date for you to sign the paperwork, either remotely or in person.
Thereafter, we’ll handle the rest.
