Anyone used mvlonline

[BiggieBig]

Link is w ww.mvlonline.co.uk

Appear to be very cheap. (they do claim that finial accounts and all liabilities should have been handled)

Anyone used this company need a liquidator a lot of money to give control to so need to make sure I get it right.

Any recommendations !

[Maslins]

I (Chris Maslin) am partially behind MVL Online.

As it's only been setup a couple of months ago in response to changes in legislation earlier this year (the whole ESC C16 thing), and it typically takes ~3 months for liquidations to be finalised, we haven't as yet completed any liquidations right through to the end via this product.

Whilst this product at this price point is very new, the licensed insolvency practitioner behind it (David Thorniley) has done hundreds of liquidations through different firms, though obviously at a much higher price.

We've had a lot of interest and a fair few recently starting the process, so by the end of the year I'm sure we'll have plenty of people happy to recommend.

As you've seen, the main criteria (which enables us to keep the costs low) is for you/your accountant to simplify the balance sheet right down to a bank balance and nothing else before we get involved. This means we don't have the hassle of selling off your stock, chasing debtors, discussing amounts owed to creditors etc etc. For the post ESC C16 market, this shouldn't be a problem, as normally when you finish up contracting you'll just have a corporation tax and maybe VAT liability...so all we're really asking is for you to pay those before appointing us.

Yes, we understand concern regarding transferring the bank balance to a third party you don't know well. To be honest though, provided you check there is a licensed insolvency practitioner behind any firm you use, you can feel comfortable, as they have to get a general bond to cover funds they control, as well as a specific policy for each client (which you pay for as part of the disbursement). This effectively insures your funds in case we did disappear or act fraudulently in some way.

Happy to answer any questions publically here if you feel other people might benefit, or privately via PM/email if you prefer.

[Higgs Boson]

That looks very cheap. I am looking at a 2 year plan to do this and was quoted £5000 + VAT by SJD and £3000 + VAT by the liquidators recommended by my own Accountants.

Are you a registered firm of liquidators?

[cojak]

Link is w ww.mvlonline.co.uk

Appear to be very cheap. (they do claim that finial accounts and all liabilities should have been handled)

Anyone used this company need a liquidator a lot of money to give control to so need to make sure I get it right.

Any recommendations !

URL link removed - if people want to look it up they can copy and paste and remove the space.

[Maslins]

That looks very cheap. I am looking at a 2 year plan to do this and was quoted £5000 + VAT by SJD and £3000 + VAT by the liquidators recommended by my own Accountants.

Are you a registered firm of liquidators?

Any liquidation will be signed off in the name of an individual person who is the licensed insolvency practitioner legally responsible for it (even massive liquidations done by PWC/similar) rather than in the name of a firm.

In our case this is David Thorniley, who owns the business 50:50 with me. I'm not a licensed insolvency practitioner, he is.

On the insolvency practitioners association website, in the red box on the right hand side you'll be able to search for practitioners. You'll find him, though admittedly named with his other practice Traverse Advisory LLP, which continues to do liquidations of all shapes and sizes, including insolvent ones. MVL Online just does simple solvent ones.

[Higgs Boson]

Thank you for the reply - I wont be ready for a year at least, but I have bookmarked your site.

[BiggieBig]

thanks Maslins

More then likily then I will be in touch with some quries I need to kick start the process ASAP early next week may be.

I have asked my accountant to prepare the final accounts but they inform me to do this I must have a liquidator on board and the instruction must come from them. Is that true ?

Else it appears like a catch 22..

[Clare@InTouch]

thanks Maslins

More then likily then I will be in touch with some quries I need to kick start the process ASAP early next week may be.

I have asked my accountant to prepare the final accounts but they inform me to do this I must have a liquidator on board and the instruction must come from them. Is that true ?

Else it appears like a catch 22..

From our point of view we just prepare normal closure accounts, leaving the bank account open rather than closing it. No reason they can't be done if you've paid all debts and received all monies due.

[Maslins]

I have asked my accountant to prepare the final accounts but they inform me to do this I must have a liquidator on board and the instruction must come from them. Is that true ?

Else it appears like a catch 22..

I think they're getting a little confused. We'd simply need management accounts (as opposed to statutory accounts like you'd send to Companies House annually) which summarise any movements since the last statutory accounts and the date we get involved. If you haven't traded since the last signed statutory accounts, then there shouldn't be a P&L, but will possibly still be some balance sheet movement (eg the company paying its corporation tax).

[BiggieBig]

I think they're getting a little confused. We'd simply need management accounts (as opposed to statutory accounts like you'd send to Companies House annually) which summarise any movements since the last statutory accounts and the date we get involved. If you haven't traded since the last signed statutory accounts, then there shouldn't be a P&L, but will possibly still be some balance sheet movement (eg the company paying its corporation tax).

Thanks

Not sure which accounts they were referring to This was the response I had from them. So closure accounts I've now asked for mangement accounts..


In order to prepare the company for the MVL we would need confirmation from the liquidators that were able to proceed with preparing the final set of accounts and to close down any VAT and PAYE accounts that you hold with HMRC.