MVL and speed of capital distribution

[Ret]

Thanks for posting here and for your comprehensive reply over email @Maslins. I'm on the same page with regards to your sentiments around the proper way to do this. Although it is less than ideal (I'll need to cancel my flights, ~£900 down the drain) it looks like I'm going to have to have an extended break somewhere warm while this process takes place. ER here at 10% is somewhat more appealing than 30+% income tax on the other side.

I don't suppose you have any ball park info on the speed at which certain banks process your requests, namely Aldermore and HSBC.

[Maslins]

I don't suppose you have any ball park info on the speed at which certain banks process your requests, namely Aldermore and HSBC.

From our perspective, Aldermore are awesome, HSBC not so much. If you wanted to press ahead with us and get as much money as quick as possible, I'd suggest put 95%+ of the company's funds into Aldermore (leave at least £2k in HSBC, for MVLO fee/VAT and small buffer). Also ensure we have details of both bank accounts.

It'll take us about a week after appointment to get an estate bank account set up and let various authorities know. Following that, we can write to the banks. Aldermore could get funds to us in as little as a couple of working days. HSBC will be more like a month.

[SuperLooper]

From our perspective, Aldermore are awesome, HSBC not so much. If you wanted to press ahead with us and get as much money as quick as possible, I'd suggest put 95%+ of the company's funds into Aldermore (leave at least £2k in HSBC, for MVLO fee/VAT and small buffer). Also ensure we have details of both bank accounts.

Out of curiosity, why not completely empty and then close the HSBC account before starting the liquidation process?

[Maslins]

Out of curiosity, why not completely empty and then close the HSBC account before starting the liquidation process?

My hesitation with that is I think Aldermore only do savings accounts, which need to be linked to a current account. Possibly I'm wrong on that...but if you're unable to make payments directly from an Aldermore account (and not just to a current account you also control), then I think from a practical perspective it makes sense to retained a company current account.

If it were two "normal" current accounts, then yes, from our perspective close the account with the "slow" bank and put all funds into the "fast" bank.