Members Voluntary Liquidation (MVL)

A Members Voluntary Liquidation (MVL) procedure is invoked where director/shareholders decide to close a company which has accumulated large reserves.

Using the Members Voluntary Company Liquidation procedure can lead to significant tax savings as the surplus is subject to Capital Gains Tax (currently 33%) as opposed to paying Income Tax, Universal Social Charge and PRSI (can be as high as 55%).

Members Voluntary Liquidation Procedure

The Liquidator will:

  • take possession of the company’s property, including its books and records;
  • list the people who are owed money and how much they are owed;
  • list the people (if any) who must contribute to the company’s assets on its winding up and how much they have to pay;
  • investigate the company’s affairs;
  • sell the company’s assets, accounting for capital gains tax (CGT);
  • pay the company’s debts; and
  • give any remaining money to the members in line with their entitlements.

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