Further Growth in MVLs
The popularity of the Members Voluntary Liquidation procedure continues to increase, no doubt due to the effect of the pandemic on economic conditions across the country which may have caused business owners to advancing their retirement plans.
As a small, efficient practice, Restart BTi charges a fixed fee for MVLs starting at £1,500 plus VAT and disbursements for straightforward cash distributions to shareholders. Where the case involves other asset realisations, distributions to creditors and distributions in specie prices start from £1,900 plus VAT and disbursements.
A Members Voluntary Liquidation is the procedure used to wind up a solvent company in order to distribute the net assets of a company to its shareholders in the most tax efficient way.
The use of this procedure spiked in March 2020 as a result of potential significant changes to Entrepreneurs Relief that were anticipated in the March 2020 budget. The changes introduced were minimal however the use of solvent liquidations has continued to grow. Their use has increased year on year for the months of June, July, August, September and October and already there have been over 30% more liquidations this year than in the whole of 2019!
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Established in 2018, the directors at Restart BTi have over 50 years of experience to assist companies, business owners and individuals with expert advice and tailored solutions when facing financial difficulties.