Reply to: MVL Recommendations - Fast distributions

[Jeremy @ Silva Insolvency]

Solicitor attestation can be done over Zoom (cost me £48).

Hi. Can you give the name of the solicitors for future reference? Thanks

[ChimpMaster]

I've PM'd his email address (not sure if he'd want it posted on a public site)

Thanks, I'll check with them if I can use their liquidator. I'm using my own accountant so not sure how SJD would feel about that.

[heyya99]

Hi chip master

Any reason why you are not using maslins?

Also to heya99 it would be great to know what paperwork they needed from you. You mentioned final accounts but what other documents did they ask you for exactly

There wasn't much tbh. Most provided by liquidator that you sign.

- Proof of address
- Solicitor attested Declaration of Solvency (Form 4-70, provided by liquidator)
- Solicitor attested Passport
- Few other forms to sign (provided by liquidator)

Solicitor attestation can be done over Zoom.

[heyya99]

Wonderful - thank you.

I will initially speak with MVL Online because I know and trust them, but I have some specifics that they might not want to deal with. I'll speak with MVL Studio afterwards, if needed. Can you send me a contact for them - I can't find anything on a quick Google?

I've PM'd his email address (not sure if he'd want it posted on a public site)

[NowPermOutsideUK]

Hi chip master

Any reason why you are not using maslins?

Also to heya99 it would be great to know what paperwork they needed from you. You mentioned final accounts but what other documents did they ask you for exactly

[ChimpMaster]

They were called The MVL Studio.

The period from June - September was getting final accounts to Companies House by my accountant. My first contact with my liquidator was September 7th, my distribution was October 15th.

Wonderful - thank you.

I will initially speak with MVL Online because I know and trust them, but I have some specifics that they might not want to deal with. I'll speak with MVL Studio afterwards, if needed. Can you send me a contact for them - I can't find anything on a quick Google?

[heyya99]

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?

They were called The MVL Studio.

The period from June - September was getting final accounts to Companies House by my accountant. My first contact with my liquidator was September 7th, my distribution was October 15th.

[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?

[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.

[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]

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?

[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!

[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.

[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...

[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.