Members Voluntary Liquidation

 

Members’ Voluntary Liquidation (MVL) is a type of winding-up available to solvent companies.  A company undergoing Members’ Voluntary Liquidation must have enough assets to pay all of its creditors.

How does it work?

The procedure for a Members’ Voluntary Liquidation starts with the directors of the solvent company making a statutory declaration of solvency.  In this declaration the directors must state that they have made a full inquiry into the company’s affairs and have concluded that the company will be able to pay its debts, in full, within 12 months.

The directors must also make a statement of the company’s assets and liabilities.

Within five weeks of the declaration, a meeting of the members must take place where a special resolution to wind up the company is passed and an ordinary resolution to appoint a liquidator is passed.  The declaration and the special resolution must be sent to Companies House within 15 days of the date of the special resolution.

What will the liquidator do?

Once a liquidator has been appointed they must gather the assets of the business together and distribute them in accordance with the statutory order. If at any time during the course of the Members’ Voluntary Liquidation it becomes obvious to the liquidator that the company is in fact insolvent, the liquidator must convert the liquidation into a Creditors’ Voluntary Liquidation.

Insolvency solicitors can really help you choose the best plan of action and make everything run smoothly.

If you would like to obtain legal advice on Members’ Voluntary Liquidation or advice about winding up a solvent company, Contact Law can put you in touch with a local specialist Insolvency Solicitor free of charge. So, if you have any questions or would like our help in finding local Insolvency Solicitors please call us on 0800 1777 162 or complete the web-form above. 

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