Solvent liquidations – speeding up the process!

To speed up the MVL process and save costs, we have set out a hit list of things to do before we get involved;

  • cease trading
  • prepare and submit accounts up to the cessation of trade
  • any assets should be converted into cash.
  • any liabilities / debts should be paid (including any director’s loan accounts)
  • any HMRC returns (CT, VAT, PAYE, CIS) should be submitted and the tax paid.
  • VAT – de-register   
  • PAYE scheme – close
  • CT – the CT return for the last accounting period should be submitted and the CT paid. A CT return will also need to be prepared for the period up to the date of liquidation.
  • close any pension scheme
  • any leases should be terminated / these liabilities settled.
  • check whether you need run off PII cover?

Because we keep our overheads low and have put systems in place to deal with simple MVLs are from £995 + disbursements + VAT. Distributions of the funds are usually made within 6 weeks from the date of liquidation.

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