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 Solutions Limited (Company No: 06957765). Registered Office: Cumberland House, 35 Park Row, Nottingham, NG1 6EE. Registered in England and Wales.
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Thomas Grummitt and Andrew Smith are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. In carrying out all work related to an insolvency appointment, insolvency practitioners are bound by the insolvency code of ethics and are subject to the regulations and guidance of their authorising body. Details of the code of ethics, statements of insolvency practice and other regulations and guidance issued by the Insolvency Practitioners Association can be found here: