What was the Reason for this Members Voluntary Liquidation?
There are many reasons why directors/shareholders decide on a Members Voluntary Liquidation. In this case, the Company, Silverbyte Limited, based in greater London, provided IT Consultancy services with one director and traded profitably. However, at the end of one particular contract, the director decided to accept a move into a permanent role with another company, meaning that Silverbyte had reached the end of its useful life.
We were approached by the director to liquidate the company and Hugh was appointed as Liquidator in March 2018. The Declaration of Solvency showed that the value of the Company’s assets was c.£25,000, all of which was cash in bank.
There were no secured creditors, preferential creditors or Crown creditors, and just one non-preferential unsecured creditor, the director himself.
The liquidation ran very smoothly, and was finalised in July 2018, within 4 months, with a distribution to the director of c.£22,000 after fees and disbursements.
This is What the Client Said
“Thank you so much for handling the voluntary liquidation of my company in a prompt and timely manner. You kept me informed at all times during the process and were always available to answer any queries. I would not hesitate to recommend your firm’s services.”
It’s the final sentence, of course, that means the most, as it shows that our customer service as well as the end result was appreciated by the client.
