Looking for a MVL practitioner Looking for a MVL practitioner
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  1. #1

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    Default Looking for a MVL practitioner

    Hi, guess there is a tread for this but searching for MVL has not provided an answer. apologies in advance.

    I am considering MVL my LTD company having been forced into PAYE.

    Is there a list of approved and trusted MVL practitioners I can use for say a 100k liquidation?

    My accountant recommended someone at about 4,500 fee, however I see ads for as little as 1,800. I don't want to go down a cheap rout and fal l fowl of HMRC. Are all practitioners the same for a small LTD like mine ? Any list of recommended approved firms please? and what is a reasonable fee for a cash only non trading LTD with around £100k?

    Thanks

  2. #2

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    Quote Originally Posted by luxCon View Post
    Hi, guess there is a tread for this but searching for MVL has not provided an answer. apologies in advance.

    I am considering MVL my LTD company having been forced into PAYE.

    Is there a list of approved and trusted MVL practitioners I can use for say a 100k liquidation?

    My accountant recommended someone at about 4,500 fee, however I see ads for as little as 1,800. I don't want to go down a cheap rout and fal l fowl of HMRC. Are all practitioners the same for a small LTD like mine ? Any list of recommended approved firms please? and what is a reasonable fee for a cash only non trading LTD with around £100k?

    Thanks
    You pay for the amount of work they do that you could do yourself. MVL Online is often used around here and their owner Maslins also posts on here.
    merely at clientco for the entertainment

  3. #3

    Contractor Among Contractors


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    Often the "cheap" providers aren't necessarily any worse, they're just less flexible. They'll insist you get your company into a certain state first. Typically this means you/your accountant tidying up your company's tax affairs fully, collecting in any debts owed to your company, and paying off any debts (including tax debts) your company owes out. This enables them to streamline the process, using templates rather than bespoke documents etc.

    Probably the "all in" cost will be slightly below the £1,800 you mention, more like £1,600-1,700. That includes VAT and the non trivial disbursements that go along with any solvent liquidation.

    I don't imagine there's any correlation at all between amount you pay the liquidator and likelihood of issues with HMRC.
    Last edited by Contractor UK; 6th October 2020 at 08:46. Reason: Promotional

  4. #4

    Fingers like lightning


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    Quote Originally Posted by luxCon View Post
    Is there a list of approved and trusted MVL practitioners I can use for say a 100k liquidation?
    I went through an MVL recently with MVL Online. It cost me about £1,700ish and I would highly recommended them as a trusted practitioner. They were great from start to finish.

  5. #5

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    An MVL can only be carried out by a Licensed Insolvency Practitioner [IP].

    There is a directory of IPs here: https://www.insolvencydirect.bis.gov.uk/fip1/

    Every licensed IP in the UK should be in that directory.

    Beyond that the list is of limited use because:
    1. It tells you nothing about their quality of service
    2. It tells you nothing about their areas of specialisation. For instance, some IPs only do personal insolvency and so wouldn't do an MVL.
    Last edited by Contractor UK; 6th October 2020 at 08:47. Reason: Promotional

  6. #6

    Fingers like lightning


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    I’m in the process with MVL Online at the moment.

    So far they have been nothing short of excellent.

  7. #7

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    Quote Originally Posted by MrButton View Post
    I’m in the process with MVL Online at the moment.

    So far they have been nothing short of excellent.
    ...and due to the many recommendations on here, I no doubt will follow suit and use them also! Last 2 invoices going to client today and then I'll get the ball rolling!

  8. #8

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    Chris / Maslins, out of interest, what is the largest MVL you have dealt with, in terms of £ ?

    Has anyone broken that £1m lifetime limit yet?

  9. #9

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    Historically we've done I think 3 cases that individually were over £1m. However, we no longer offer liquidations that high (combination of insurance costs increasing, the higher risk, and the trivial volume that made it not worthwhile). We now limit it to £1m. In terms of lifetime limit, we have had a handful of repeat customers. Not many given the phoenixing rules, but as we've been going ~8 years now we've certainly had a few. Possibly a couple may be >£1m in total now across 2-3 liquidations.

    I think a while ago I gave a split of our typical liquidation sizes as I don't think it's particularly sensitive competitor data. I don't have these stats to hand and it was a bit time consuming to get them...but our most common bracket is £50k-100k. Inevitably the higher value the fewer cases there are, but I suspect there's more £50k-100k than £25k-50k at least in part as if your company neared the end of its life and had £26k, it likely makes sense to find a way to get the figure down slightly (eg extra pension contribution), negating the need for an MVL at all.

    Ie short version - the reduction in lifetime limit from £10m to £1m has had no practical impact on us. We're currently extremely busy, due more to IR35 changes than Covid-19. We therefore expect to continue being fairly chocca for another maybe 6-12 months as more Ltd Co contractors get pushed into permie roles/umbrellas. Then anticipating a big drop in signups!

  10. #10

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    I am looking to do the same as I move to permie land om the advice of my accountant.

    They have quoted £2000 for the MVL guys they work, with plus a small amount of fee for the more general bits of the process.
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