MVL Recommendations - Fast distributions

[sira]

Planning to do an MVL soon on my current Ltd. I'm aware Liquidators have different process/business models and some take longer to distribute funds etc.

On this occasion I need fairly quick access to my money. Are there any reputable/trustworthy liquidators anyone could recommend, who offers fast distributions? I can afford to wait upto 3 months for 100% of distributions.

Only spoke to Clarke Bell and WilsonField thus far, as they offer quick distributions.

Thanks!

[WTFH]

Speak to Maslins.

Do you want fast or do you want right?

[sira]

Speak to Maslins.

Do you want fast or do you want right?

I am aware of Maslins but I cant wait 6-7 months for distributions. Fast doesnt equal wrong. Fast equals different process method of liquidation.

[eek]

I am aware of Maslins but I cant wait 6-7 months for distributions. Fast doesnt equal wrong. Fast equals different process method of liquidation.

Fast may still come back to bite you and will definitely cost you more...

[Maslins]

Our (MVL Online's) processes aren't the fastest, as we rely on the bank to process transfer of funds before being able to do first distribution, and wait on HMRC clearance before paying out the balance. This means you're often looking at circa 1 month before getting any funds (precise time depends on who you bank with), and maybe 6 months to get the balance.

Some firms will get round the delay to first distribution by either you taking funds in advance, so it's a director loan at time of appointing the liquidator, or alternatively asking you to transfer the company's funds to the liquidator yourself imminently after you appoint them. Both these methods mean you as shareholder can get a significant chunk of the company's funds within days (or even in advance) of appointing the liquidator. For various reasons we don't offer any such option.

We're also aware some firms take a more aggressive attitude with regards to HMRC. Ie rather than waiting on getting written confirmation that your company doesn't owe HMRC anything, the liquidator may instead just rely on the fact that silence means there is no claim. Ie if a certain time period passes and no claim is lodged, they'll deem that ok for them to move to close the case.

[sira]

Fast may still come back to bite you and will definitely cost you more...

Not here to debate different methods of liquidation - fully aware of it all. Just looking for recommendations matching my criteria - Thanks!

[heyya99]

Our (MVL Online's) processes aren't the fastest, as we rely on the bank to process transfer of funds before being able to do first distribution, and wait on HMRC clearance before paying out the balance. This means you're often looking at circa 1 month before getting any funds (precise time depends on who you bank with), and maybe 6 months to get the balance.

Some firms will get round the delay to first distribution by either you taking funds in advance, so it's a director loan at time of appointing the liquidator, or alternatively asking you to transfer the company's funds to the liquidator yourself imminently after you appoint them. Both these methods mean you as shareholder can get a significant chunk of the company's funds within days (or even in advance) of appointing the liquidator. For various reasons we don't offer any such option.

We're also aware some firms take a more aggressive attitude with regards to HMRC. Ie rather than waiting on getting written confirmation that your company doesn't owe HMRC anything, the liquidator may instead just rely on the fact that silence means there is no claim. Ie if a certain time period passes and no claim is lodged, they'll deem that ok for them to move to close the case.

Today, I received my full distribution. My liquidator said that he is waiting on clearance from HMRC but they have a large backlog and it could take a few months. Have you found the same?

[Maslins]

Today, I received my full distribution. My liquidator said that he is waiting on clearance from HMRC but they have a large backlog and it could take a few months. Have you found the same?

Re backlog, yes. It's painfully slow. Sounds like your liquidator was happy to release all company funds prior to receiving clearance. Nothing wrong with that, just can lead to a more awkware situation if there was then a valid claim.

If you've been happy with their service, maybe let sira know which firm you used.

[heyya99]

Not here to debate different methods of liquidation - fully aware of it all. Just looking for recommendations matching my criteria - Thanks!

My accountant was SJD so I went with their own liquidator (I don't think you need to be an existing client). Pretty straightforward process tbh. It cost £2,350 in total.

[ChimpMaster]

My accountant was SJD so I went with their own liquidator (I don't think you need to be an existing client). Pretty straightforward process tbh. It cost £2,350 in total.

What is the liquidator's name?

£2,350 doesn't seem bad for a quick distribution. How long did the process take end-to-end from the moment you started the liquidation?