- Contractor Resources
- About Us
Limited company insolvency, simply put, is the formal closure of your limited company. This may be done for many reasons. While the UK government insolvency service encompasses bankruptcy, company insolvency, and misconduct of trading companies and partnerships, our insolvency service practitioners focus on Members Voluntary Liquidation, with the goal of ensuring you receive funds from the sale of remaining assets with as little input from you as possible.
If your limited company is solvent (it has enough assets to discharge its liabilities), Members' Voluntary Liquidation is one of your options. This is the process of liquidating your limited company so the company can distribute its remaining assets to its shareholders.
Changes to the rules in 2012 now dictate that if you have more than £25,000 profit left in your company, you will be required to liquidate your company and enter into Members' Voluntary Liquidation. Since the assets paid to shareholders count as capital gains and not income, this is considered the most tax efficient way of getting money from your company.
To do this, you will need to appoint an insolvency practitioner who will carry out the process.
The process can vary depending on your circumstances and the level of assets your company has, but follows the same basic rules. We’ve outlined the process below to provide a rough insight:
We offer an all-inclusive, low cost fixed fee Members' Voluntary Liquidation (MVL) package which includes every aspect of what is needed to close down your limited company. Our insolvency service keeps you fully informed at every stage of the company closure process.
Our MVL practitioner has over 15 years of experience in insolvency company closures and will work in tandem and directly with your accountant in order to get all the information that is required, so you never become embroiled with the process. We offer a hands-off approach for directors throughout, with almost every step of the process being done without the need for input. The end goal is simple; to ensure you receive the funds in your bank account in the swiftest and most tax efficient way possible.
To learn more about how we can help you through our insolvency service, simply get in touch.