Members voluntary liquidation

What is a Members Voluntary Liquidation?

Members Voluntary Liquidation is a process used to wind up solvent companies that have ceased trading or are dormant.

How a Members Voluntary Liquidation works

The directors and shareholders of the company decide to put it into liquidation and appoint a liquidator via a board meeting and an EGM.

Once appointed the liquidator will:

  • Pay any outstanding creditors
  • Ensure all tax returns are brought up to date
  • Obtain tax clearance from the Revenue Commissioners
  • Distribute any surplus funds to the shareholders
  • Call a final meeting of the shareholders to dissolve the company

Advantages of a members voluntary liquidation:

  • Savings on ongoing audit and accounting costs
  • Savings in management time previously taken up with the preparation of financial information and tax returns
  • Reducing risk to the company and its directors by avoiding corporate memory loss. This can happen when a company is being inactively maintained
  • Often used as part of a corporate simplification process where a group wants to streamline its corporate structure
  • Can be a very tax efficient method of distributing cash/ assets to shareholders
  • Averts the danger of an inactive company being involuntarily struck off which can result in the loss of a company’s limited liability protection.

Contact us to arrange a consultation with our team of experts.
Call: 01 417 2625

How we can help

Our Members Voluntary Liquidation experts can guide you through all aspects of the Liquidation process by:

  • Assisting you in putting a company into liquidation
  • Acting as liquidator of the company
  • Providing a comprehensive, low cost, service that is excellent value for money
  • We regularly act as liquidators for companies of all sizes in all sectors of the economy.

Related topics