MVL Online Ltd was formed in response to tax legislation changes on 1 March 2012, working remotely with clients to assist them to affordably extract funds from a redundant Limited Company tax efficiently.
Given that a necessary part of the process involves you legally signing over control of the company’s assets to the liquidator legally, we understand that potential clients will want evidence of our credentials before commencing the process.
MVL Online Ltd was founded by David Thorniley and Chris Maslin.
David is a licensed insolvency practitioner with over 25 years’ experience. He is the founding partner of Traverse Advisory Ltd, a corporate recovery practice which assists 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 “Find an IPA IP” link at the very bottom of that page (though it mentions Traverse Advisory rather than MVL Online as his primary firm). David is also a member of the insolvency trade body R3, and his membership can be similarly verified via that link. His licence number is 8307.
Chris is a Chartered Tax Adviser and Accountant. He is a director of accounting practice Maslins Ltd, which specialises 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 the desire for other options.
From a practical perspective, MVL Online won’t touch the company’s funds at any point. We’ll ask you to withdraw them shortly prior to our appointment as a loan, then we declare distributions in specie to clear that loan. You will still however be passing control of that loan value to us, and at least in theory we could attempt to misappropriate that in some way.
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 as liquidator 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.
MVL Online® may change this policy from time to time by updating this page.