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When liquidating a company, your options are contingent upon your company’s financial state. A Creditors’ Voluntary Liquidation (CVL) and, potentially business rescue, is often your best option if your company is insolvent (i.e. can’t pay its debts). However, for a solvent company a Members’ Voluntary Liquidation (MVL) is often the most beneficial solution. An MVL…

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A Members’ Voluntary Liquidation (MVL) is one of the most common methods of closing down a solvent limited company. The MVL process is the most tax-efficient option for companies with large retained profits, allowing shareholders to keep as much of the company’s value as possible. In this article, we will be breaking down the process,…

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When closing a company, its financial position will affect the route to closure chosen by its director(s). There are many reasons why directors would choose to close their company and many scenarios which can play out during the liquidation process. A key thing to be aware of is that a Licensed Insolvency Practitioner must be…

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A Declaration of Solvency is a legal document that is required to be signed as part of the Members’ Voluntary Liquidation (MVL) process. An MVL is a formal liquidation process that closes a solvent company in a tax-efficient manner, making it a popular option for the directors of solvent companies who are looking to close…

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When a director chooses to liquidate their company through a Members’ Voluntary Liquidation (MVL), there are certain costs that are involved in the process. One of the costs involved in the MVL process is the fee that must be paid to the liquidator, for handling the appointment and carrying out the liquidation. There are also…

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