Case Study
Client Overview
Industry: E-commerce – Children’s Sportwear
Location: Online
Company Size: 10 employees
The Challenge
The founding director was looking to wind up their successful children’s sportwear company, which was incorporated in 2020 to enable them to move onto the next stage in their life.
Our Approach
Following an initial consultation with one of our experts, we were able to establish the motives and intentions of the director and ensure that a Members’ Voluntary Liquidation (MVL) would be the best course of action. The Company would be properly wound up in a tax efficient manner.
Working closely with the accountant and director we agreed a strategy for the MVL. Once all liabilities had been paid and assets realised, we prepared the liquidation paperwork including a Declaration of Solvency for the director to sign. The Company was placed into liquidation and we made the official notifications.
The Outcome
Within 6 weeks of the liquidation once the creditors claim period had expired, we were able to make an initial distribution to the shareholders. On receipt of HMRC tax clearances and approval, a final distribution was made and the final reports were filed with Companies House to trigger the dissolution of the Company.
The whole process took 7 months from the initial chats and quotation to finalising the case.
Client Feedback
“Embarking on a quest for funding amidst turbulent cashflow woes, we found our guiding light in Steve Broom, Head of Commercial Finance at BABR. His pragmatic, accessible approach transformed a seemingly complex journey into a clear and decisive one. Steve’s unwavering support, devoid of jargon, made the process not only manageable but empowering. Our collaboration culminated in a confident decision that steered us towards a brighter future. Steve’s warmth and expertise cast a reassuring glow throughout our partnership.”
Intricately weaving a tapestry of financial revival, BABR’s partnership with the client serves as a testament to the potent impact of tailored financial solutions.
Need some advice?
If you are facing financial difficulties and would like to discuss your options, get in touch to arrange a no-obligation conversation to find out more about the options available to you.
