Members Voluntary Liquidation

What is Members Voluntary Liquidation?

Members Voluntary Liquidation is a process used to wind up solvent companies that have ceased trading or are dormant . It can be very tax efficient for the owners of the business to extract the value built up in the company.

How does a Members Voluntary Liquidation work?
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

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What are the advantages of a Members Voluntary Liquidation?

• Can be a very tax efficient method of distributing cash/ assets to shareholders <li">Take advantage of Entrepreneurial Relief and Retirement Relief <li">Savings on ongoing audit and accounting costs
• Savings in management time previously taken up with the preparation of financial information and tax returns
• Often used as part of a corporate simplification process where a group wants to streamline its corporate structure <li">Averts the danger of an inactive company being involuntarily struck off which can result in the loss of a company’s limited liability protection.

How can Grogan Ryan help?

We  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