The MVL process allows for all creditors to be paid in full, together with statutory interest. The liquidator is appointed by the shareholders to finalise the company’s liabilities to creditors, realise any remaining assets and when all is complete, distribute funds to shareholders in accordance with their shareholding. A controlled wind down of a company by MVL may provide the shareholders with tax relief on distributions by the liquidator. An application to strike off a company from the register may be an alternative, however is subject to strict conditions, making an MVL the likely option to finalise a solvent company’s affairs.
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