Members Voluntary Liquidation Companies - Recommendations? Members Voluntary Liquidation Companies - Recommendations? - Page 3
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  1. #21

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    Thank you... but if you are a cash rich soon to be ex-contracting company it seems quite a risk to transfer over what could be many hundreds of thousand pounds.

    The article seems to suggest that the company being liquidated is in financial trouble, in which case the funds being held would be quite small.

    Just makes me uneasy, just handing over mega bucks

  2. #22

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    Quote Originally Posted by castoff101 View Post
    Thank you... but if you are a cash rich soon to be ex-contracting company it seems quite a risk to transfer over what could be many hundreds of thousand pounds.

    The article seems to suggest that the company being liquidated is in financial trouble, in which case the funds being held would be quite small.

    Just makes me uneasy, just handing over mega bucks
    Don't liquidate then......

    A Liquidator undoubtedly places far more value on their professional reputation than on your money. Even in financial cacky some companies have millions in plant, stock, property and contracts, you're just being daft.

  3. #23

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    Quote Originally Posted by castoff101 View Post
    Thank you... but if you are a cash rich soon to be ex-contracting company it seems quite a risk to transfer over what could be many hundreds of thousand pounds.

    The article seems to suggest that the company being liquidated is in financial trouble, in which case the funds being held would be quite small.

    Just makes me uneasy, just handing over mega bucks
    Who else do you think should do it. You are thinking like a contractor trying to get his money cheap. Think like you are a business and you are following an age old model to liquidate a company.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  4. #24

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    Quote Originally Posted by castoff101 View Post
    This question is aimed at Maslins.

    On their website part of the closing down process is "Company funds transferred to liquidation estate account".

    Why do the funds have to be transferred at all to another third party account?

    Thank you
    It's an understandable concern a lot of potential clients of ours have, entrusting high five/six figure sums to "some firm off the internet".

    In terms of "why", when appointing a liquidator you are handing over control of the entire company to the liquidator. They effectively take over from your role as director, and become responsible for the company, its trading, all of its assets and liabilities. Obviously for an MVL Online case, it's tax motivated, so to keep the costs low we get you to have stopped trading, and dealt with all liabilities and non-cash assets. Legally though the same thing applies, we're taking control of your company.

    As soon as the company enters liquidation (or more practically as soon as the company's bank become aware of it), your access to the company bank account will be frozen. We'll need to write to the bank, they'll check our details and what they say is correct, before transferring the money to a client account we'll have set up.

    The above is all perfectly normal. One of the disbursements of a liquidation is a bond, which effectively insures your money for the period it's under our control...so if hypothetically we did all get run over by a bus, or one of us stole the money and went to Mexico, you'd be covered anyway.

    We've done approaching 500 cases now in the last 3 years, paying out >£68m to happy customers. You shouldn't be concerned.

  5. #25

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    Ok thank you Maslins for your reply.

    I will be looking to liquidate next May (current contract will more than likely end) so will be in contact

  6. #26

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    Quote Originally Posted by castoff101 View Post
    Ok thank you Maslins for your reply.

    I will be looking to liquidate next May (current contract will more than likely end) so will be in contact
    What are you going to do next?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  7. #27

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    Think it's time to take a long break... will be 59, so may not ever start again

  8. #28

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    Quote Originally Posted by Maslins View Post
    From our perspective it being in a savings/current account with one bank makes negligible difference. Typically the bank in question will close both accounts at the same time.

    Where it's spread across different banks, it can cause a problem. Reason being each bank will respond on their own timescales, so we might get some of your company's cash really quick, but then be waiting ages for the remainder.

    Certainly makes our life easier if you combine it to be held with one bank.

    Barclays and Cater Allen are without doubt the two best banks we deal with.
    HSBC/Santander are ok.
    Natwest/Lloyds/BoS/RBoS are painfully slow.
    Hi Maslins,

    When you say painfully slow for Lloyds, what would be the typical time period?

  9. #29

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    Quote Originally Posted by jamesearljones View Post
    When you say painfully slow for Lloyds, what would be the typical time period?
    Depends on whether the director (aka you) is happy to chase the bank regularly. Even the slowest banks have typically dealt with the account closure/fund transfer within 60 days. 30 days fairly average. Fastest banks manage it in under a week.

  10. #30

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    Quote Originally Posted by Maslins View Post
    Depends on whether the director (aka you) is happy to chase the bank regularly. Even the slowest banks have typically dealt with the account closure/fund transfer within 60 days. 30 days fairly average. Fastest banks manage it in under a week.
    Thanks. Is HMRC taking about 6 months at present to finalise closures?

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