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Liquidation - Solvent (MVL)...

 

A company may, also, be placed in liquidation where the company is solvent. Such a liquidation is known as a members’ voluntary liquidation (MVL), in which the liquidator is appointed by the shareholders and the company’s assets are sufficient to settle all its liabilities, including statutory interest, within twelve months.

 

There can be tax advantages to shareholders by using this procedure as a means of realising the company's capital. By extracting funds as capital, rather than income (dividends) the tax payable is generally lower. There is also (in certain circumstances) the potential for benefitting from Entrepreneurs Relief, which reduces the amount of Capital Gains Tax payable.

 

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