MVL Liquidations for Companies in the UK

We understand a lot of trust is placed in us to look after your cash. Hopefully the below will put you at ease:

MVL Online Ltd is a new company created in response to legislation changes on 1 March 2012, working remotely with clients to assist them affordably to extract funds from a redundant Limited Company tax efficiently.

Given that a necessary part of the process involves the transfer of company funds to an account controlled by the liquidator prior to distribution, we understand that potential clients will want evidence of our credentials before commencing the process.

Who runs MVL Online® and what are their qualifications?

MVL Online Ltd has been formed by David Thorniley and Chris Maslin.

David is a licensed insolvency practitioner with over 25 years’ experience, and is the founding partner of Traverse Advisory Ltd, a corporate recovery practice, assisting owner managed businesses of all shapes and sizes.

David is licensed to act as an insolvency practitioner by the Insolvency Practitioners Association in the UK.  His membership can be verified via the “Search for a member” red box on the right.  David is also a member of the insolvency trade body R3, and his membership can be similarly verified via the “Find a practitioner” box in the bottom right. His licence number is 8307.

Chris is a Chartered Accountant and Chartered Tax Adviser with accounting practice Maslins Ltd, specialising in contractors and freelancers, especially in the IT sector.

Through the above business, Chris has lots of experience working remotely with clients, using IT/the internet to streamline processes. He was also very aware of the impact of ESC C16 changes on the contractor market and that they might start looking for other options.

MVL Online® obtained PCG (now IPSE) affiliation back in June 2013 as demonstrated by our listing here.

 

What protection do I have on my funds?

One of the compulsory disbursements of any liquidation is a bond. The purpose of the bond is to protect creditors and shareholders against wrongdoing by us whilst the funds are under our control.

Everyone taking formal insolvency appointments (which includes solvent members voluntary liquidations) has to have a practising licence issued by the practitioner’s statutory Regulatory body, and must have in place security for the proper performance of their functions. The security is in the form of a bond issued by a surety.

There are two elements to the security, the General or Enabling bond, and the Certificate of Specific Penalty. A copy of the General bond is held by the practitioner’s Regulatory body, in David’s case the Insolvency Practitioners Association. A copy of David’s General bond is available on request.

In addition, for each insolvency appointment the practitioner must obtain a Specific Penalty bond to indemnify the creditors and shareholders of that case against losses caused by the fraud or dishonesty of the office holder or his staff.

Details of all Specific Penalty bonds must be filed with the insurer and the practitioner’s Regulatory body, and the returns are tightly policed.  Our bonds are issued by QBE Insurance (Europe) Limited.

Details of our Complaints Procedure can be found here.