Solvent, what does this mean?
A company is capable of paying its liabilities in full plus statutory interest plus the costs involved in winding up, within 12 months.When is the MVL procedure appropriate?
When a solvent company has come to the end of its useful life and needs to be wound up. For example:-- Shareholders want to retire and have a property within the company which they want to transfer into their personal names. i.e. a distribution in specie.
- Rationalisation of a group of companies involving transfer of assets, write off of inter-company loans and winding-up of subsidiaries.
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