Independent Business Finance Brokers
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Members Voluntary Liquidation
Members Voluntary Liquidation
What Is
Members Voluntary Liquidation?
As a company owner with or without shareholders, you may decide to wind up the company, providing the company can pay creditors in full.
The majority of the stakeholders in the company would have to agree to the following procedure taking place. Once this decision is made a signed declaration must be produced by the directors stating that they are satisfied all of the company debts can be paid in full within a 12-month period.
The next step would be to appoint an insolvency practitioner, they would act as the liquidator to the company. Their responsibilities will include:
- Agreeing creditors’ claims
- Making distributions to creditors
- Returning any surplus asset value to the shareholders
- Releasing company assets
Why Do I Need
Tax Problems?
At Tax Problems we will advise company directors for free whether Members Voluntary Liquidation is appropriate. We will listen to you and any concerns you may have. We will answer any questions and if you require us to, we will recommend a few suitable insolvency practitioners.
Free advice on: 01903 660091 / 0800 622 6096
Asset finance is a type of lending that enables you to access business assets such as equipment, machinery and vehicles without having to buy them upfront. It can also allow you to release cash from the value in assets you already own or use your existing assets as security against a business loan from an asset finance lender.
Business asset finance is typically attractive to businesses who want to put their growth plans into action but don’t necessarily have the ready cash, or business owners who would rather spread large costs over a longer period.
Short-term asset finance also enables businesses to remain competitive by making it easier for them to access the latest technology. Asset finance is a broad category that relates to valuable items in your business.
Here is one of our case studies of asset-based invoice finance –
Case Study - Feb - 2019
Invoice factoring for Essex based building company
This company had been awarded a large value contract with a London borough council to install new kitchens and bathrooms into their residential council properties. With limited funds in the bank to cover the cost of labour and materials, Grow Funding arranged a suitable Invoice factoring facility to allow the business to release cash tied up in their outstanding invoices. This means going forward at the point of them giving the invoice to the council they can factor the invoice to provide them with cash in the bank to cover their cash flow needs. An initial facility size of £165,000 was set up with view to this growing over time.
The Advantages:
• Credit insurance to protect you against bad debtors
• The funds are secured and valued against your assets
• Funds can be used for any business needs
• There is the possibility of being flexible in comparison to loans and overdrafts
Grow Funding ltd - 70 Goring Road - Goring by sea- Worthing - West Sussex - BN12 4AB
01903 660091
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