Case Study: Anonymous - MVL
Tax Efficient Solvent Liquidation (MVL)
The management/some of the shareholders wanted to place the Company into MVL but not all shareholders were contactable. They also wanted the distribution to be paid in two tranches, to straddle two different tax years.
We worked with the Company and our agents to trace all parties and agreed a solution for the Company before the tax year deadline. Once placed into MVL, we were able to distribute the funds within days of our appointment to all 8 shareholders and distribute again, once the new tax year had commenced. We then secured a further, unexpected distribution to shareholders, due to our extensive enquiries with HM Revenue & Customs.
A fixed fee was agreed with the Company prior to the MVL which gave certainty to the shareholders over the distribution levels. All shareholders received the distributions in the tight time frames they requested and subsequent monies were received which was considered an additional bonus to the shareholders, as they were unaware that money was coming from HM Revenue & Customs
We were very pleased to have satisfied the needs of the Company so quickly and secured a further unexpected distribution for the shareholders
Bridgewood is a trading style of Bridgewood Financial Management Limited (Company No: 07130329) and Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.
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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d
In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards