Money transfer for an MVL Money transfer for an MVL
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  1. #1

    Nervous Newbie


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    Default Money transfer for an MVL

    Hi there - My accounts (Brookson) have recommended SFP to perform my MVL.

    SFP are asking me to transfer the money remaining in my business account to a liquidation account they have set up for me.

    Is this usual ?

    It seem horribly like what a phishing email would say.

    G

  2. #2

    bored now

    eek's Avatar
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    Quote Originally Posted by gremlinsky View Post
    Hi there - My accounts (Brookson) have recommended SFP to perform my MVL.

    SFP are asking me to transfer the money remaining in my business account to a liquidation account they have set up for me.

    Is this usual ?

    It seem horribly like what a phishing email would say.

    G
    So do some simple security checks.

    Ask your accountant to give you the name of a person at SFP or look them up on linkedIn

    Then phone them in person to confirm everything is OK
    merely at clientco for the entertainment

  3. #3

    Nervous Newbie


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    Quote Originally Posted by eek View Post
    So do some simple security checks.

    Ask your accountant to give you the name of a person at SFP or look them up on linkedIn

    Then phone them in person to confirm everything is OK
    Yup - done that.
    I just wondered if anyone knew if this was common practice.

  4. #4

    Fingers like lightning


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    SFP Appear to be genuine. Otherwise Brookson and Intouch wouldn’t recommend them. You should however call them directly to confirm the details to transfer the money as email isn’t secure.

    However they do seem a lot more expensive than competitors.

  5. #5

    Nervous Newbie


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    I've tried to do everything I could to check them out.
    The set up a liquidation account for me and I transferred £5 into it and rang them to check it was there and to send me a screenshot from their side.
    The lady I've been speaking to is on LinkedIn and the job title all ties up.

    I just can't help being cautious as if I initiate the transfer then the liability is on me.

    Anyhoo - the money has gone to SFP now so I'll just have to keep my fingers crossed....

  6. #6

    bored now

    eek's Avatar
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    Quote Originally Posted by MrButton View Post
    SFP Appear to be genuine. Otherwise Brookson and Intouch wouldn’t recommend them. You should however call them directly to confirm the details to transfer the money as email isn’t secure.

    However they do seem a lot more expensive than competitors.
    Yep because of the recommendation fees paid.
    merely at clientco for the entertainment

  7. #7

    Contractor Among Contractors


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    Quote Originally Posted by gremlinsky View Post
    I just can't help being cautious as if I initiate the transfer then the liability is on me.
    Indeed. This isn't normal/best practice as I've suggested in other threads. However, from a practical perspective, it's a workaround to speed up company funds getting from your company to the liquidator. Otherwise you're normally waiting something like a month for the bank to process the liquidator's request, whilst the bank goes through their various checks/processes etc.

  8. #8

    Contractor Among Contractors


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    Quote Originally Posted by eek View Post
    Yep because of the recommendation fees paid.
    Yes, though as those are against liquidator rules, it will be dressed up as something else.

    About once a month MVLO get a call from an accountant like the below:
    "Hi, I've got some clients needing an MVL, what commission do you pay for referrals?"
    "Afraid we're not allowed to pay referral fees, but hopefully with our good reviews and competitive fees you'll still consider recommending us as a good option to the client."
    "Oh, XYZ liquidators charge the client double what you do, but they pay us £500 per referral, so we'll be recommending them."
    [sigh]"Ok, thanks for your call."

    Of course XYZ liquidators will strongly deny paying a referral fee. They'll claim it's a justifiable fee payable to the accountant for doing lots of really important work.

    The even worse one is when the client becomes aware of a cheaper liquidator, suggests them to the accountant, and the accountant then decides they'd need to charge an extra £500 to the client themselves if any liquidator other than their recommended one was used.

  9. #9

    Some things in Moderation

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    If you value speed above control and are prepared to pay for that speed, I’m sure that it will probably be ok.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make myself look wise and well read."
    - Voltaire/Benjamin Franklin/Anne Frank...

  10. #10

    Should post faster


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    Quote Originally Posted by gremlinsky View Post
    Hi there - My accounts (Brookson) have recommended SFP to perform my MVL.

    SFP are asking me to transfer the money remaining in my business account to a liquidation account they have set up for me.

    Is this usual ?

    It seem horribly like what a phishing email would say.

    G
    I did this with SFP in 2016. It was all fine and the first distribution was speedy.

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