All meetings can be held virtually, if requested by the directors
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What is a Members Voluntary Liquidation (MVL)?
An MVL is the process whereby a solvent company winds down in an orderly fashion and the assets or cash left in the company are distributed to the shareholders.
When is an MVL Suitable?
The MVL route is open to any solvent company that has either discharged its debts or will undertake to discharge those debts within a 12 month period.
What do Irish Insolvency do?
- Prepare all statutory documentation for the winding up of the company
- Organise and schedule all meetings
- Fixed Fee approach inclusive of all cost such as advertising, filing fees
- Irish Insolvency will facilitate MVL meetings either in our own offices, free of charge, or in the offices of the company, or their financial advisors, anywhere in Ireland at no additional cost. Please note all meeting can now be completed “virtually”.
What is a key advantage of a Members Voluntary Liquidation?
This can be a tax efficient way for shareholders to extract funds from a company on cessation of trade as a capital gain on shareholder’s funds will be subject to Capital Gains tax. Where such funds were taken out as salary or dividend pre liquidation, these monies would be taxed at the shareholders marginal income tax rate.
What is Retirement Relief in an MVL?
Retirement relief is relief on the Capital Gains Tax due from an MVL. It should be noted that an individual does not actually have to retire to avail of this relief, just be over 55.
Irish Insolvency offer low cost creditors’ voluntary liquidations, call for a free consultation.