{"id":4563,"date":"2016-05-12T09:45:20","date_gmt":"2016-05-12T09:45:20","guid":{"rendered":"https:\/\/simplylaw.waydevelopers.com\/england-wales\/wiki\/members-voluntary-liquidation\/"},"modified":"2023-11-04T13:11:59","modified_gmt":"2023-11-04T13:11:59","slug":"members-voluntary-liquidation","status":"publish","type":"guides","link":"https:\/\/simply.law\/england-wales\/guides\/insolvency-solicitors\/members-voluntary-liquidation\/","title":{"rendered":"Members voluntary liquidation with Simply.Law"},"content":{"rendered":"

Simply.Law provides an intelligent platform for the consumers of legal services to compare and analyse the services provided by lawyers relevant to their area of need. This means that consumers can feel confident that they are pursuing their objectives with the assistance of a lawyer who is both local and specialist in the relevant area of law.<\/p>\n

Simply.Law, let it work for you today.<\/p>\n

Members voluntary liquidation for solvent companies<\/h2>\n

Members’ voluntary liquidation (MVL) is a means by which shareholders in a solvent company can wind up its affairs, perhaps because it has few or no liabilities and is no longer commercially relevant. Another situation in which members voluntary liquidation may be desirable is if there is a shareholders’ dispute and all other options have been exhausted.<\/p>\n

Entering into MVL should be relatively straightforward. Shareholders must meet to appoint a registered insolvency practitioner while directors must sign a Declaration of Solvency, in which they state their intention to pay any debts in full.<\/p>\n

Insolvent companies should seek a creditor’s voluntary liquidation (CVL)<\/p>\n

The role of the insolvency practitioner<\/h2>\n

Once appointed the insolvency practitioner acts as liquidator, ensuring that all debts are paid and that assets are distributed fairly among shareholders and members. Distribution of assets does not have to be made monetarily \u2013 instead, when this is agreed, it can be done “in specie”, meaning that, for example, cars, computers or furniture can be distributed amongst members rather than sold and then converted into cash.<\/p>\n

Once assets have been distributed, shareholders do not have to pay PAYE or NI, instead they have to pay capital gains tax, while directors can claim Entrepreneurs’ Relief in conjunction with capital gains personal allowance of \u00a311,100. These facts can bring many advantages.<\/p>\n

Insolvency legal advice with Simply.Law<\/h2>\n

Simply.Law’s member solicitors include many who specialise in giving insolvency legal advice<\/a>. To bring clarity and confidence to the process of members’ voluntary liquidation, talk with us today.<\/p>\n

There are many ways to get in touch. Try our Match Service, browse our member profiles, speak with an advisor or consult a solicitor, free, for thirty minutes.<\/p>\n

Simply.Law gives you the means to make informed and intelligent choices regarding your legal advice and representation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Simply.Law empowers you to make informed legal choices. Find the lawyer who is right to assist you with a matter related to members voluntary liquidation today.<\/p>\n","protected":false},"author":1,"featured_media":7969,"parent":4546,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[12343],"tags":[9004,10199,10197,10198,10142,10196,8940,8485,9259,10139,10195,8518],"guides-category":[],"class_list":{"0":"post-4563","1":"guides","2":"type-guides","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bankruptcy-liquidation","8":"tag-capital-gains-tax","9":"tag-declaration-of-solvency","10":"tag-distribution-of-assets","11":"tag-entrepreneurs-tax-relief","12":"tag-insolvency-legal-advice","13":"tag-insolvency-practitioner","14":"tag-law","15":"tag-lawyers","16":"tag-liabilities","17":"tag-liquidator","18":"tag-members-voluntary-liquidation","19":"tag-solicitors"},"acf":[],"yoast_head":"\nMembers voluntary liquidation with Simply.Law - Simply Law England Wales<\/title>\n<meta name=\"description\" content=\"Explore our comprehensive collection of legal guides covering various topics to help you navigate the complexities of the law. 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