Formal Liquidation Procedures

[THEPUMA]

@PUMA, I am unable to PM you (not sure why), please could you send me the details of the insolvency practitioner you mentioned?

TIA
Steve

Hi Steve

It is Hillier Hopkins Corporate Recovery LLP. Feel free to call me on 01923 809414 if you wish to discuss further.

Regards

Joel

[tarbera]

liquidation

When you go into liquidation I presume this will go on your Credit report and wave goodbye to ever getting another contract in banking for 7 years.?

anyone know if this hits your record (banks won't care the reason you did this you will jus fail)

[Nixon Williams]

When you go into liquidation I presume this will go on your Credit report and wave goodbye to ever getting another contract in banking for 7 years.?

anyone know if this hits your record (banks won't care the reason you did this you will jus fail)

Winding your company up through a MVL (Members Voluntary Liquidation) will not mean you will have an adverse credit rating - adverse credit ratings come about due to your inablility to pay your creditors etc.

With a MVL, your company debts are settled in full, so no-one loses out.

Alan

[skebanga]

It is Hillier Hopkins Corporate Recovery LLP. Feel free to call me on 01923 809414 if you wish to discuss further.

Thanks Joel - I have sent them an email (I am in Australia at the moment so the time zone is a bit of a hassle). If I don't get any headway I will give you a shout.

Thanks again!

[Maslins]

Members Voluntary Liquidation prices coming down

<mod snip />

Maslins - please note our T&Cs re advertising on the forum. We're happy for you to request that your username reflects the company you work for, and for you to give sound advice - but no links / obfuscated links or blatant advertising allowed.

Thanks

RH

[ELBBUBKUNPS]

Winding your company up through a MVL (Members Voluntary Liquidation) will not mean you will have an adverse credit rating - adverse credit ratings come about due to your inablility to pay your creditors etc.

With a MVL, your company debts are settled in full, so no-one loses out.

Alan

Will there anything be logged against your name though on credit files if you do go the MVL route, also what happens if you used your home address as your business address as you had your office there, will there be a black mark against the address ?

I work in finance and credit checked for every job so its paramount I do not risk my clean record or Im screwed. I've rang two companies that do MVLs and I found there answers all very vague on the mater. I also spoke to my accountant about it and again all a bit vague.

Has anyone been through the process and how did it go, Ive read in some places its quick to do but others are quoting 3-6 months.

[Maslins]

Will there anything be logged against your name though on credit files if you do go the MVL route, also what happens if you used your home address as your business address as you had your office there, will there be a black mark against the address ?

I work in finance and credit checked for every job so its paramount I do not risk my clean record or Im screwed. I've rang two companies that do MVLs and I found there answers all very vague on the mater. I also spoke to my accountant about it and again all a bit vague.

Has anyone been through the process and how did it go, Ive read in some places its quick to do but others are quoting 3-6 months.

Re credit I wouldn't have thought so as there wouldn't be any debts unpaid. I imagine only the credit agencies would be able to give you 100% confirmation on that though.

Slow part of process is getting clearance from HMRC, which typically does take ~3 months. Rest of process can be very quick.

[ELBBUBKUNPS]

Re credit I wouldn't have thought so as there wouldn't be any debts unpaid. I imagine only the credit agencies would be able to give you 100% confirmation on that though.

Slow part of process is getting clearance from HMRC, which typically does take ~3 months. Rest of process can be very quick.

I've rang around a few insolvency companies over last few days, all said they didnt think anything would go on the credit rating but none seemed to be 100% sure. I've also contacted Experian today the credit agency and spoke to there business team, I did explain to them this was a MVL and not a CVL and unless they got the wrong end of the stick they said an MVL would be registered as part of there score card and it would link back to you as a director and therefore you personal record, they might be wrong as may be the guy I spoke to didnt seem to understand the difference between CVL and MVL and why I wanted to do MVL though I might have been cr*p at trying to explain it. They said sugested to do the MVL then see what happens to my file... mmm no.

For me personally I would need gurantees it would not impact my credit rating and my future ability to open business accounts in the future or operate as a director. Though the tax saving is good using MVL to get ER in the bigger picture its not enough if it stops me getting work in the future.

Also considering I would behanding over control to someone else, I would want a solicitor to check over the 'bond' wording again adding cost, call me parnoid but in this day and age you wouldnt be happy handing over possibly a few hundred grand to someone without doing due diligence.

[THEPUMA]

I've rang around a few insolvency companies over last few days, all said they didnt think anything would go on the credit rating but none seemed to be 100% sure. I've also contacted Experian today the credit agency and spoke to there business team, I did explain to them this was a MVL and not a CVL and unless they got the wrong end of the stick they said an MVL would be registered as part of there score card and it would link back to you as a director and therefore you personal record, they might be wrong as may be the guy I spoke to didnt understand the difference between CVL and MVL. They said sugested to do the MVL then see what happens to my file... mmm no.

For me personally I would need gurantees it would not impact my credit rating and my future ability to open business accounts in the future or operate as a director. Though the tax saving is good using MVL to get ER in the bigger picture its not enough if it stops me getting work in the future.

Also considering I would behanding over control to someone else, I would want a solicitor to check over the 'bond' wording again adding cost, call me parnoid but in this day and age you wouldnt be happy handing over possibly a few hundred grand to someone without doing due diligence.

Try Peter Hollis on 07767 754058. He will give you chapter and verse and can do the MVL for you if you decide that's what you want to do.

[ELBBUBKUNPS]

Try Peter Hollis on 07767 754058. He will give you chapter and verse and can do the MVL for you if you decide that's what you want to do.

Would PM you but can't (admin please fix ), have you dont the MVL route through Peter ?

<admin note>PM now enable )</admin note>