Closure of No Longer Required Company

The director of a group of companies approached us when one of his companies that had been used to provide a legal services business was no longer required and that he no longer wished to pursue that line of work. 

This type of business may have potential claims arising from advice given and so to take advantage of the protection that the MVL affords it was decided to implement the MVL procedure rather than simply let the company be struck off at companies house – which would allow any future creditors with old claims to resurrect the company and pursue it via an insolvent winding up, leaving the directors exposed with potential personal liabilities.

The liquidation will be complete within 6 months. 

"having gone through this process, I wish I had known earlier how important it is to make sure you speak to the right people with insolvency qualifications. Thank you for your help"Director (Joinery Firm )