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Members Voluntary Liquidation - Cross Roads Insolvency
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Members Voluntary Liquidation (MVL)

MVL is a clear-cut means of finalising a company’s affairs and distributing assets to its creditors and members.  MVL is only possible when a Company is solvent, meaning they have the resources to pay off all their debts to the creditors within 12 months from the Commencement of the Liquidation.

 

This type of Liquidation is often utilized for the following reasons:

 

  • Business is not profitable, better opportunities elsewhere
  • Dispute between the owners who cannot work together any longer
  • The death of a shareholder, and
  • To avoid possible future liabilities.

MVL Process Broken Down Into 4 Steps

Asset 2

Assess Your Situation

Determine whether Members Voluntary Liquidation is applicable for the situation of your Company.

Asset 3

Realise Companies Assets

Once the Company is placed into MVL by the Shareholders, the Liquidator will realise the Company’s assets if any.

Asset 4

Distribution of Assets

The liquidator will  assess and complete the distribution to creditors and shareholders where applicable.

Asset 5

Tax Clearance & ASIC Deregistration

Subject to obtaining the Tax Clearance from ATO, the Liquidator will apply to ASIC for de-registration

Please be advised that there is no adverse effect to the Directors if the Company is placed into Members Voluntary Liquidation.

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Do You Know?

 

To minimise the cost of a MVL, ideally the Company would have ceased trading and the Director of the Company should have completed the following tasks:
  • Pay off all the Company’s debts,
  • Complete and lodge the Company’s Business Activity Statements (BAS),
  • Prepare and Lodge the Company’s Final Tax Return,
  • Pay all the tax liabilities in full,
  • Cancel all Company’s Contracts, and
  • Cancel GST and PAYG registrations if applicable.

WHY CHOOSE US

Qualified & Experienced

We are experienced, fully qualified and registered Insolvency Practitioners.

Close Guidance

Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.

Tailored for you

We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.

Are You Issued With One Of These Notices

Have you Been Issued With One Of These Notices

Are You Issued With One Of These Notices
Director Penalty Notice (DPN)

A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issue a
Director Penalty Notice.

Statutory Demand

A creditor can apply to the Court to obtain Order to Wind up the Company if a Statutory Demand has not been responded to within 21 days.

Winding up Notice

Action is required at once if your Company is issued with this Notice, otherwise, this may lead to serious consequences for both the Company and Director.

There Is No Time To Waste

Contact Us Immediately To Find Out what Your Options are

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