Our Client Was Delighted with our Team’s Assistance during the MVL
The Details of this Members Voluntary Liquidation
APT.64 was a management consultancy, which had come to the ‘end of its useful life’ and it was decided that the best way to progress was via a members’ voluntary liquidation, as the company was solvent.
There are many reasons why MVLs are used to liquidate solvent companies. In this case the director and sole shareholder wished to merge his company with his partner’s company and wanted to move back to his home town in the United States , which meant that APT.64 became redundant, hence the decision to proceed with an MVL.
The liquidation proceeded smoothly, with the declaration of solvency revealing assets worth £107,130, most of which was in the form of a director’s loan account (£70,024) and cash at bank (£29,500).
After taking into account, and settling, the company’s liabilities, which included a final claim from HMRC of £5,977, the amount remaining as ordinary shareholders’ funds was £92,007. This amount, which included the return of the Company’s share capital, was distributed to the sole shareholder across 4 separate payments, with the last payment being made on 12th March 2020.
