Insolvency Practitioners,
Registered Auditors & Accountants,
Tax Consultants.

Tel: 091 565 953 Email: info@cobtax.com

When the directors of a company decide to cease a company and there are assets and/or cash within the company, a Members Voluntary Liquidation is a simple, cost-effective and tax-saving method of winding up a company and extracting the assets to the benefit of the Shareholders.

A Members Voluntary Liquidation is not a form of insolvency; however, it is a process taken by solvent companies only.

• A Board Meeting authorises the convening of an Extraordinary General Meeting of the Company to wind up the Company by way of members voluntary liquidation and appoint a liquidator

• A sworn declaration known as the Declaration of Solvency is made by the directors and signed by an Independent Person which states that the company will be able to pay its debts in full within a period of 12 months

• Preparation of a Statement of Assets and Liabilities of the Company to be included in the Declaration of Solvency

• Hold the EGM and pass a Resolution to wind up the Company and appoint a Liquidator within 28 days of making the Declaration of Solvency

Following the Appointment of a Liquidator

The company will cease to trade and the liquidator will realise any assets, verify all claims against the company and discharge all creditors and distribute the company's net assets amongst the shareholders.

How O'Boyle & Associates can help?

We can act as Liquidator in a Members Voluntary Liquidation and assist with all paperwork. 

As Tax Consultants we can also advise on possible tax implications for the shareholders as a result of a Members' Voluntary Liquidation. 

For further information on Members Voluntary Liquidation, please do not hesitate to contact us.