How long to get funds from MVL process? How long to get funds from MVL process?
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  1. #1

    Nervous Newbie


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    Default How long to get funds from MVL process?

    I am looking to close down my ltd company as my contract is coming to an end and been offered a permie role. My final invoice is at the end of this month. I was wondering for those who went down the MVL route, how long did it take to get the funds issued to you personally? Some places quote 35 days from start of liquidation but I would to know if this is realistic and from what I understand theres also final accounts to be sorted as well as deregistering VAT/PAYE. Just looking for some feedback,thanks

  2. #2

    Contractor Among Contractors


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    MVL Online tend to suggest you expect 4-6 weeks following their appointment to get first distribution (~75% of company's funds), so in line with 35 days you've seen elsewhere. If you bank with Cater Allen or Barclays it'd likely be quicker as they're the faster banks we deal with.

    As you suggest there'd be a fair few tasks you/your accountant would need to do in between ceasing to trade and appointing the liquidator.

  3. #3

    Some things in Moderation

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    Quote Originally Posted by Maslins View Post
    MVL Online tend to suggest you expect 4-6 weeks following their appointment to get first distribution (~75% of company's funds), so in line with 35 days you've seen elsewhere. If you bank with Cater Allen or Barclays it'd likely be quicker as they're the faster banks we deal with.

    As you suggest there'd be a fair few tasks you/your accountant would need to do in between ceasing to trade and appointing the liquidator.
    WHS.

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