A Members Voluntary Liquidation is the process of bringing a solvent company to a close. This option is available only if your company is solvent, and one of the following conditions apply:
- You want to retire
- You want to step down from the family business, and no one else wants to run the company
- You don’t want to run the business anymore
To apply for this process, you need to:
- Make a ‘Declaration of solvency’ (for English and Welse companies)
- Request for form 4.25 (Scot) from the Accountant in Bankruptcy (Scottish companies)
After signing the declaration or form, there are a few additional steps you need to take before completing the process. This information is available on the HMRC website.