View Tim Corfield explaining
Members’ Voluntary Liquidation
A Members’ Voluntary Liquidation(or MVL) is the procedure to close your company if the company is solvent – in other words, there are sufficient company assets which can be sold or realised, to pay off all the debts of the company.
This can sometimes be a very fine decision because the costs of the process and interest on creditor balances need to be taken into account in the calculation.
We would prepare this financial information (called a statement of affairs) from the records of the company and carefully discuss it with the directors before a final decision could be made.
Based on this information and our advice, you as a director, need to be reasonably satisfied that the company will be able to pay its debts within one year.
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