MVL Online

[Maslins]

I think I'm one of those 'three' that have just received final distributions. Extremely happy with the way things went. I don't think I've had to post a single form or make a telephone call for this to be accomplished due to the service provided.

My original post (see above link) mentioned that there was no waiting around and no vague answers to any of my queries (even those questions that should have been dealt with by my accountants). That didn't change. The only waiting I had to do was for HMRC and although was warned that this could take up to 3 months, it took just over a month. Happy days.

Cheers AlmostGone - correct, one of the first 3 to come out the other end of the process, glad you're pleased.

Re timescales we try to under promise/over deliver...main issue is virtually all of the delays that might come up are beyond our control. As well as HMRC, some banks are proving very irritating, taking weeks (in one case 6 weeks and counting...naming no names Lloyds TSB) to transfer funds to us. If you're with Cater Allen, happy days, they get a gold star for fast turnaround.

[richardlund]

Very happy with MVL Online

I'm also one of the three clients to receive my final distribution yesterday. Overall, I was extremely happy with the service provided by MVL Online. All questions were answered promptly and not with vague answers either (like certain accountants, ahem), my initial distribution was received promptly and communication was excellent throughout the whole process. The procedure has taken less than 2 months, the majority of which was simply waiting for HMRC to sign off the process.

My accountant recommended a liquidator which would have cost £6000, so MVL really do represent excellent value for money in comparison to that.

[BiggieBig]

I'm also very happy with MVL online have been through the 75% process
and awating HMRC clearence.
So another + for me also I was the orginator for the other thread when I was researching MVL.

[Maslins]

...tries to figure out who BiggieBig is...

Irritating thing is when we spoke to PCG about affiliation ~2 months ago they said come back when we've got a couple of positive testimonials. Go back to them today and apparently they're not taking on new affiliates at the moment

[Ruprect]

One more question

The "sell off assets" step before you get MVL involved - presumably this includes computer hardware?

Anyone know if there are rules around the amount I must pay my company for these sorts of assets?

Thanks

[Maslins]

The "sell off assets" step before you get MVL involved - presumably this includes computer hardware?

Anyone know if there are rules around the amount I must pay my company for these sorts of assets?

You should pay fair market value. Ebay completed items listings can be useful for this...though if it's 2+ year old computer equipment you can probably get away with scrapping it (ie £nil).

[ELBBUBKUNPS]

Now a few have been through the MVL process did it leave any mark on your personal credit files ? I know its highly unlikely but not been able to get a 100% answer as of yet.

thanking you lots

[northernladuk]

You should pay fair market value. Ebay completed items listings can be useful for this...though if it's 2+ year old computer equipment you can probably get away with scrapping it (ie £nil).

Would these items have to be accounted as assets? What if they were sub £500 and put through the books as an expense. Is that spreadsheet stuff but the physical items still have a value regardless of how accounted for?

[sbakoola]

Now a few have been through the MVL process did it leave any mark on your personal credit files ? I know its highly unlikely but not been able to get a 100% answer as of yet.

thanking you lots

No, it SHOULD NOT leave a negative credit rating on your file as it is a MEMBERS VOLUNTARY LIQUIDATION which means you have signed a declaration of solvency stating you have X amount of assets in your limited company and zero liabilities and you are performing the liquidation of your company with the intention of transferring those assets to your personal bank account. A "members voluntary liquidation" is therefore ok.

A "compulsory liquidation" or "creditors liquidation" is not ok but this is not the sort you will be doing on your company and I'm pretty sure MVL online don't do those types of liquidation.

I do check my credit rating regularly which is in the high 800's/1000 (good credit ) and if I see anything negative on my credit rating I'm going to get it removed as it simply won't be valid. Equifax on their brochure for example list the differences between a members voluntary liquidation (good) and a compulsory liquidation (bad) so ignorance on the part of the credit ratings agency is no excuse and if they make a mistake it can be corrected.

At the end of the day you should be performing the Members Voluntary Liquidation for your limited company in order to perform a capital transfer from the company to your personal bank account, the intention is so that you qualify for Entrepreneurs Relief and benefit from it. There is no other way I can see of qualifying for Entrepreneurs Relief.

[Craig at Nixon Williams]

No, it SHOULD NOT leave a negative credit rating on your file as it is a MEMBERS VOLUNTARY LIQUIDATION which means you have signed a declaration of solvency stating you have X amount of assets in your limited company and zero liabilities and you are performing the liquidation of your company with the intention of transferring those assets to your personal bank account. A "members voluntary liquidation" is therefore ok.

A "compulsory liquidation" or "creditors liquidation" is not ok but this is not the sort you will be doing on your company and I'm pretty sure MVL online don't do those types of liquidation.

I do check my credit rating regularly which is in the high 800's/1000 (good credit ) and if I see anything negative on my credit rating I'm going to get it removed as it simply won't be valid. Equifax on their brochure for example list the differences between a members voluntary liquidation (good) and a compulsory liquidation (bad) so ignorance on the part of the credit ratings agency is no excuse and if they make a mistake it can be corrected.

At the end of the day you should be performing the Members Voluntary Liquidation for your limited company in order to perform a capital transfer from the company to your personal bank account, the intention is so that you qualify for Entrepreneurs Relief and benefit from it. There is no other way I can see of qualifying for Entrepreneurs Relief.

To clarify here, when a company is liquidated any distributions made during liquidation are treated as capital in the hands of shareholders and are taxed as capital rather than as income. Your eligibility to entrepreneurs relief is a seperate issue, in order to qualify for this the following criteria must be met:
1. The shares must be in a trading company (rather than closed investment holding company) which must have been trading for at least 12 months upto the date of cessation;
2. You must be a employee or officer (director or secretary) of the company and have held at least 5% of the share capital; and
3. You must not have had more than £10,000,000 of gains in your lifetime.

Since 1st March this year (the date ESC C16 was replaced), companies with reserves in excess of £25,000 must be formally liquidated through an insolvency practitioner in order to have the proceeds treated as capital (if reserves are less than this then you don't need to liquidate formally but you may still qualify for Entrepreneurs Relief) - the Members Voluntary Liquidation is how a company is liquidated when it is solvent and therefore does not affect your credit.