The Details of this Members’ Voluntary Liquidation
Based in South Darenth, Kent, The Sausage Man UK Ltd is the UK’s leading wholesaler and importer of German Sausages and Hot Dogs with over 7 million sausages per year. The reason for deciding upon an Members Voluntary Liquidation was that the director wished to restructure the business and it was considered that a solvent liquidation was the best way to do this.
The liquidation process took just under a year and realised a cash return to the business’s guarantor which was paid in four tranches between July 2019 and May 2020.
The liquidation progressed smoothly, with the main features being that: the company was limited by guarantee and therefore had no share capital, only a guarantor; an S455/S458 tax refund on a Director’s Loan account was required; an overseas client, bases in Thailand had to be contacted as part of the process.
