Creditors Voluntary Liquidation (CVL) - recommended licensed insolvency companies?

[creativity]

Hi All,

Can anyone recommend any licensed insolvency companies for a straight forward CVL (Creditors Voluntary Liquidation) please?

Company is a simple one-man-band with assets < £1000.00.
CVL required as it will soon be a going concern and unable to repay one loan.
All HMRC bills (inc corp tax and VAT) are paid.

Obviously have to keep costs down...

[Lance]

Obviously have to keep costs down...

why?

It's insolvent. Unless you've been a naughty boy it's not your concern. Or necessarily your choice.

try this
https://www.citizensadvice.org.uk/Gl...pany-pdf-5.pdf

[creativity]

why?

It's insolvent. Unless you've been a naughty boy it's not your concern. Or necessarily your choice.

try this
https://www.citizensadvice.org.uk/Gl...pany-pdf-5.pdf

I am after a licensed insolvency practitioner as my company will be insolvent and has debt in the form of a loan.
It's a legal process that requires the use a licensed insolvency practitioner, hence my question; does anyone know or have used a practitioner?
Thank you

[northernladuk]

Wouldn't Maslins be able to do this if they are MVL experts? Or is it a different beast?

Is this loan a scheme loan? If so might be worth asking in the HMRC Scheme threads as well.

[Lance]

I am after a licensed insolvency practitioner as my company will be insolvent and has debt in the form of a loan.
It's a legal process that requires the use a licensed insolvency practitioner, hence my question; does anyone know or have used a practitioner?
Thank you

yes. But your creditor has a say in which insolvency practise is used.
You DON'T have a choice.

Talk to the creditor. Or follow the guide I linked.

[Lance]

Wouldn't Maslins be able to do this if they are MVL experts? Or is it a different beast?

Is this loan a scheme loan? If so might be worth asking in the HMRC Scheme threads as well.

MVL is where the company owner wants to liquidate.
CVL is where the company is insolvent and the creditors (usually) issue a winding order. In this case the OP is doing the right thing, but in my opinion, by the wrong route.

EDIT: of course there's more here than meets the eye I suspect. Banks don't loan money to contractor companies. So who is the lender? Something smells dodgy, or it's not a contractor company.

EDIT again: Loan schemes pay the individual not a company so that makes no sense either.

[Maslins]

Wouldn't Maslins be able to do this if they are MVL experts? Or is it a different beast?

As Lance suggests, two very different things:

An MVL is for a solvent case. Ie the business is not in trouble, it has plenty of assets, just wants a formal liquidation to close. With offerings like MVL Online's, it's typically tax motivated.

A CVL is for an insolvent case. Ie the business is in trouble, cannot afford to pay its debts. A liquidator has some legal powers that the director of a company doesn't, so there can be situations where it's worth paying the liquidator fee for them to deal with things.

I (Chris Maslin) am not a licensed insolvency practitioner, I just work alongside one at MVL Online, so have inevitably got to understand a fair bit about MVLs. We don't do CVLs, and I know very little about them.

My business partner in MVL Online, David Thorniley, has a mainstream liquidation firm, Traverse Advisory Ltd. They'll do liquidations of all shapes and sizes, solvent and insolvent...though as they're more bespoke, less streamlined, the price is quite a bit higher than MVL Online's simple offering. By all means give him a call/email, see what he'd suggest for your situation.

[northernladuk]

As Lance suggests, two very different things:

An MVL is for a solvent case. Ie the business is not in trouble, it has plenty of assets, just wants a formal liquidation to close. With offerings like MVL Online's, it's typically tax motivated.

A CVL is for an insolvent case. Ie the business is in trouble, cannot afford to pay its debts. A liquidator has some legal powers that the director of a company doesn't, so there can be situations where it's worth paying the liquidator fee for them to deal with things.

I (Chris Maslin) am not a licensed insolvency practitioner, I just work alongside one at MVL Online, so have inevitably got to understand a fair bit about MVLs. We don't do CVLs, and I know very little about them.

My business partner in MVL Online, David Thorniley, has a mainstream liquidation firm, Traverse Advisory Ltd. They'll do liquidations of all shapes and sizes, solvent and insolvent...though as they're more bespoke, less streamlined, the price is quite a bit higher than MVL Online's simple offering. By all means give him a call/email, see what he'd suggest for your situation.

Do I still get my referral bonus though?

[creativity]

Thanks all.

At the moment the company is still solvent but contracts are drying up so I'm just forward thinking.
I'll probably just find a another contract (or push to sell a few more products) to pay back the loan (it's the bounce back loan by the way) and remain solvent for now.
Then close the company or leave it as it is in case market bounces back.
Luckily I've been offered permanent work so will likely leave contracting, but keep the company for my products only (products I sell make up 30% of the companies income).

Insolvency is a major pain when it includes the bounce back loan, as dividends are deemed inappropriate but salary and materials are ok.

So in conclusion I will keep the company for products only, accept the permanent position and give up contracting.
The math works and I'll be making a good income.

But still need to consider CVL for worst case scenario.

[northernladuk]

Thanks all.

At the moment the company is still solvent but contracts are drying up so I'm just forward thinking.
I'll probably just find a another contract (or push to sell a few more products) to pay back the loan (it's the bounce back loan by the way) and remain solvent for now.
Then close the company or leave it as it is in case market bounces back.
Luckily I've been offered permanent work so will likely leave contracting, but keep the company for my products only (products I sell make up 30% of the companies income).

Insolvency is a major pain when it includes the bounce back loan, as dividends are deemed inappropriate but salary and materials are ok.

So in conclusion I will keep the company for products only, accept the permanent position and give up contracting.
The math works and I'll be making a good income.

But still need to consider CVL for worst case scenario.

Wish people would put this type of information in their first post rather than drip feeding us.