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Members' Voluntary Liquidations

15 November 2011

The Treasury Solicitor recently announced changes to Members' Voluntary Liquidations (MVLs). Linda Butcher, who heads the specialist solvent liquidations department in the Eastern Region Office, comments:

"The changes, which came into effect on 14 October 2011, mean the Treasury Solicitor will no longer apply the concession 'that a dissolved company relying on HMRC's ESC C16 if the share capital paid out is under £4k will not be claimed by them as Bona Vacantia'. This has only sought to add a layer of confusion regarding dissolutions.

As a result of this advisors will now undoubtedly be more concerned and look to seek the protection of a solvent liquidator when extracting shareholder funds."

As a senior manager with 25 years of insolvency experience, Linda has specialised in MVLs since 1994.  Assisted by a team of five, Linda's experience ranges from small MVLs, which could be achieved via ESC C16 or via the formal MVL route, to re-constructions under section 110 of the Insolvency Act 1986.  

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