Stage 1 – Initial Assessment

  • Is the company solvent?
  • Is MVL fit for purpose?

Stage 2 – Pre-Liquidation Period

  • Cease trading operations
  • Identify actual and or contingent liabilities
  • Provision of an indemnity
  • Review and conclude final tax affairs of company
  • Execute pre-Liquidation transactions
  • Prepare statutory Declaration of Solvency

Stage 3 – Commence Liquidation

  • Convene directors’ meeting
  • Review accounts to confirm solvency of company
  • Sign & certify statutory Declaration of Solvency (valid for five weeks)
  • Cease interest on bank account
  • Convene Extraordinary General Meeting of shareholders or undertake written resolutions

Stage 4 – Commencement of Liquidation

  • Extraordinary General Meeting or written resolutions undertaken
  • Pass relevant resolutions
  • Appointment of Liquidator

Stage 5 – Post Liquidation

  • Statutory filing and advertising
  • Notification of the Liquidator’s appointment to authorities and interested parties
  • Collection of books and records
  • Open new Liquidation bank account
  • Complete asset realisation where applicable
  • Agree and settle creditors’ claims
  • Ensure Corporation Tax, PAYE & NIC and VAT compliance
  • Obtain tax clearance
  • File Liquidator’s receipts and payments accounts
  • Distribute surplus assets to shareholders

Stage 6 – Close of Liquidation

  • Final report and Liquidator’s final receipts and payments account
  • Hold final meeting and obtain release of Liquidator

Stage 7 – Dissolution

  • Company dissolved three months from the date of filing of Liquidator’s final return
  • Disposal of books and records (12 months after dissolution)
Don’t hesitate to call our offices on 020 3925 3613 to discuss your MVL needs. We can assist all companies in need of such a service.

 

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