Closing down a solvent business to extract your capital is a common practice. Directors can use a process known a members' voluntary liquidation ("mvl") or solvent liquidation to extract their capital in a tax efficient manner and formally end the company with the support of a fully licensed Insolvency Practitioner.
Whether you are looking to retire or simply ending the business in a profitable period an MVL represents one of the best ways to formally end the company and liquidate all the remaining assets.
This process has several formal steps. Once consent is gained for an MVL at board meeting, a formal Declaration of Solvency must be produced before control of the company is handed over to an Insolvency Practitioner who will then produce a roster of all assets which are then liquidated and all outstanding creditors are paid off in full.
McTear Williams & Wood is ideally placed to support you through this process having successfully completed hundreds of MVLs in our lifetime.
If you are looking to distribute assets worth less that £25,000 then it may be preferential to undergo a company strike off as opposed to an MVL. Find out more about this process by discussing a potential members' voluntary liquidation at our Southampton offices with our team of experts.
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