Reply to: Looking for a MVL practitioner

[mikedarv]

Another +1 for MVL Online from me.

They were superb from start to finish, funds arrived quicker than expected. Friend of mine in the same process went for the accountant 'approved' MVL company, cost him £1k more in fees and said they were pretty useless with communication.

[NowPermOutsideUK]

Going to piggyback on this thread and ask a related question....anyone used or know of an insolvency practitioner - Marshall Peters?

My accountant is pushing me to them...so thought I'd ask...thanks.

You should start a thread - Would be interesting to know how an IT contractor can go insolvent What happened that warehouse of goods went on fire??!

[cloudninja]

Going to piggyback on this thread and ask a related question....anyone used or know of an insolvency practitioner - Marshall Peters?

My accountant is pushing me to them...so thought I'd ask...thanks.

[kaiser78]

Oops sorry, yes you're right...trying to do 50,000 things at the same time...

I'm just not cut out to be a contractor, hence jumping to the other side...

[kaiser78]

This is the second post where you are demonstrating that you simply can't read.

MrButton is using MVL online...

Oops sorry, yes you're right...trying to do 50,000 things at the same time...

[eek]

Can you say who you are using please or dm me? Thanks.

How long does the process take from start to finish?

This is the second post where you are demonstrating that you simply can't read.

MrButton is using MVL online...

[kaiser78]

I’m in the process with MVL Online at the moment.

So far they have been nothing short of excellent.

Can you say who you are using please or dm me? Thanks.

How long does the process take from start to finish?

[kaiser78]

I am looking to do the same as I move to permie land om the advice of my accountant.

They have quoted £2000 for the MVL guys they work, with plus a small amount of fee for the more general bits of the process.

[Maslins]

Historically we've done I think 3 cases that individually were over £1m. However, we no longer offer liquidations that high (combination of insurance costs increasing, the higher risk, and the trivial volume that made it not worthwhile). We now limit it to £1m. In terms of lifetime limit, we have had a handful of repeat customers. Not many given the phoenixing rules, but as we've been going ~8 years now we've certainly had a few. Possibly a couple may be >£1m in total now across 2-3 liquidations.

I think a while ago I gave a split of our typical liquidation sizes as I don't think it's particularly sensitive competitor data. I don't have these stats to hand and it was a bit time consuming to get them...but our most common bracket is £50k-100k. Inevitably the higher value the fewer cases there are, but I suspect there's more £50k-100k than £25k-50k at least in part as if your company neared the end of its life and had £26k, it likely makes sense to find a way to get the figure down slightly (eg extra pension contribution), negating the need for an MVL at all.

Ie short version - the reduction in lifetime limit from £10m to £1m has had no practical impact on us. We're currently extremely busy, due more to IR35 changes than Covid-19. We therefore expect to continue being fairly chocca for another maybe 6-12 months as more Ltd Co contractors get pushed into permie roles/umbrellas. Then anticipating a big drop in signups!

[ChimpMaster]

Chris / Maslins, out of interest, what is the largest MVL you have dealt with, in terms of £ ?

Has anyone broken that £1m lifetime limit yet?

[DKB]

I’m in the process with MVL Online at the moment.

So far they have been nothing short of excellent.

...and due to the many recommendations on here, I no doubt will follow suit and use them also! Last 2 invoices going to client today and then I'll get the ball rolling!

[MrButton]

I’m in the process with MVL Online at the moment.

So far they have been nothing short of excellent.

[Jeremy @ Silva Insolvency]

An MVL can only be carried out by a Licensed Insolvency Practitioner [IP].

There is a directory of IPs here: https://www.insolvencydirect.bis.gov.uk/fip1/

Every licensed IP in the UK should be in that directory.

Beyond that the list is of limited use because:
1. It tells you nothing about their quality of service
2. It tells you nothing about their areas of specialisation. For instance, some IPs only do personal insolvency and so wouldn't do an MVL.

[Mr.Whippy]

Is there a list of approved and trusted MVL practitioners I can use for say a 100k liquidation?

I went through an MVL recently with MVL Online. It cost me about £1,700ish and I would highly recommended them as a trusted practitioner. They were great from start to finish.

[Maslins]

Often the "cheap" providers aren't necessarily any worse, they're just less flexible. They'll insist you get your company into a certain state first. Typically this means you/your accountant tidying up your company's tax affairs fully, collecting in any debts owed to your company, and paying off any debts (including tax debts) your company owes out. This enables them to streamline the process, using templates rather than bespoke documents etc.

Probably the "all in" cost will be slightly below the £1,800 you mention, more like £1,600-1,700. That includes VAT and the non trivial disbursements that go along with any solvent liquidation.

I don't imagine there's any correlation at all between amount you pay the liquidator and likelihood of issues with HMRC.