When a company outlives its purpose or has ceased trading, it is important have their affairs wound-up, any creditors paid and their surplus assets distributed to members so their tax liability is minimised.

A Members’ Voluntary Liquidation can only occur if the business is solvent (i.e. it can repay all of its creditors). If upon commencement of the liquidation it is found that the company is actually insolvent, it will be transitioned into a Creditors Voluntary Liquidation.

Though the Members’ Voluntary Liquidation process, we can help maximise the benefits achieved by this process which may include:

• savings in management time preparing financial information, tax returns and annual returns;
• savings in audit and accounting costs;
• group simplification – eliminating dormant legal entities to achieve a more cost-efficient company structure; and
• reducing the number of directorships held personally to improve corporate governance.