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Time Business News
4 days ago
- Business
- Time Business News
What Is Members' Voluntary Liquidation and How Does It Benefit Company Directors?
For directors of solvent companies, choosing how and when to close their business is an important decision — especially when looking for a tax-efficient and structured exit. Members' Voluntary Liquidation (MVL) offers a formal solution that allows directors to wind up a solvent company in a way that maximises returns and ensures legal compliance. A Members' Voluntary Liquidation is a formal process for closing a solvent limited company — meaning the company can pay all its debts in full, including any outstanding taxes and liabilities. It is governed by the Insolvency Act 1986 and must be administered by a licensed insolvency practitioner. The MVL process begins when directors make a formal declaration of solvency, confirming the company is financially stable and able to settle all debts within 12 months. Once this declaration is made, shareholders pass a resolution to wind up the company. From this point, the insolvency practitioner takes control of the company's affairs. Their role is to: Realise the company's assets Settle all outstanding liabilities (if applicable) Distribute the remaining funds to shareholders. One of the primary reasons directors choose an MVL is the potential to significantly reduce their tax liability when extracting profits from the company. Funds distributed via an MVL are generally treated as capital gains, not income. This means shareholders may benefit from Capital Gains Tax (CGT) treatment, often at a lower rate than Income Tax. Even more attractively, many directors qualify for Business Asset Disposal Relief (formerly Entrepreneurs' Relief), which reduces the CGT rate on the first £1 million of lifetime gains. For directors with large retained profits, this tax saving can be substantial compared to withdrawing funds via dividends, which could attract tax rates of up to 39.35%. An MVL is initiated by the company's directors and shareholders, which means it offers a high level of control and transparency throughout the process. This flexibility makes MVLs particularly appealing to directors who want a well-planned exit, allowing them to: Prepare for the closure in advance Choose the right time for tax planning Ensure a smooth transition, especially if retirement or business restructuring is involved. An MVL provides a definitive legal end to the company's existence, ensuring all loose ends are tied up and all creditors are paid in full. For directors, this offers peace of mind. Once the MVL is complete and the company is removed from the Companies House register, there are no lingering obligations, outstanding paperwork, or compliance issues to worry about. It also demonstrates to stakeholders that the business was closed properly and in full accordance with the law. An MVL is often a reflection of success — used when a company has achieved its goals and is no longer needed. It offers a dignified and professional way to close down. Directors can present the closure as a strategic move, whether stepping into retirement, relocating, or simply moving on to a new venture. It also ensures that any remaining profits are distributed fairly and efficiently among shareholders, preserving goodwill and supporting future opportunities. A Members' Voluntary Liquidation is only suitable if the company is solvent — that is, it can pay all of its liabilities in full, usually within 12 months of liquidation starting. If your company has unmanageable debts, owes money to HMRC, or cannot meet its obligations, an alternative procedure such as a Creditors' Voluntary Liquidation (CVL) may be more appropriate. At Clarke Bell, we offer a free consultation to assess your company's position and determine whether an MVL is the right route. We work closely with directors and accountants to provide clear, tailored advice. A Members' Voluntary Liquidation is an excellent option for directors looking to close a solvent company efficiently, reduce tax liabilities, and make a clean break. Whether you're planning for retirement, restructuring your business affairs, or winding down a dormant company, an MVL offers control, tax benefits, and legal certainty. TIME BUSINESS NEWS
Otago Daily Times
6 days ago
- Politics
- Otago Daily Times
Letters to the Editor: war, agendas and cricket
Today's Letters to the Editor from readers cover topics including what Jesus would do about Israel, the "agenda" of the previous mayor, and bravo to Adrian Seconi! What does it take to abandon neutrality? Nothing in recent times has shown how inept and outdated New Zealand's foreign policy is than Winston Peters and Labour's foreign affairs spokesman stating New Zealand is "not taking sides" in this highly dangerous unprovoked attack on Iran by Israel. That we can be so certain and decisive about the Russia-Ukraine war yet bottle joining the majority of the world's unequivocal condemnation of Israel is morally bankrupt and craven. What will it take Israel to do to get us to do the right thing? A nuclear bomb on Tehran? We cannot credibly be neutral here. WWJD? Last week in my submission to the Dunedin City Council when I opposed the Sanctions Bill against Israel, Cr Jim O'Malley asked me as a church minister "What would Jesus do?" I felt he was leaving out a huge chunk of the pie and just wanted to chew on one tiny portion. In hindsight though, as his question was put to me publicly, I would like to answer him in a letter to the editor. This is what Jesus would do: He would first point to October 7 and tell Hamas and those with them that they must repent for what they had done. He would then tell them they should lay their weapons down. Upon compliance, Jesus would then take the Israelis by one hand and the Palestinians by the other hand and He would sit down with them and say, "now let's talk about this". Jesus would then remind the Palestinians that the Jewish people have a covenant with God which gives them the right to live on all the Land of Israel — from the River to the Sea. He would ask the Palestinians to honour that covenant, and then he would encourage both parties to live in peace with each other. Spokesman, Coalition of 114 NZ Church Ministers Supporting Israel Incentives and sanctions I have no difficulty with Gerrard Eckhoff (Opinion ODT 9.6.25) expressing strong views even if they are poles apart from my own. I do have difficulty when his views are fanciful, serious exaggerations, or just plain wrong. An illustration of the former is stating that the imposition of a capital gains tax (CGT) is akin to "demanding money with menaces (which) usually results in jail time" He continues "It is the young and their future that CGT will ultimately destroy". An enormous exaggeration. Again: "The hope of a comfortable retirement that is rendered inert by a CGT" . . . and further: "CGT therefore will ultimately destroy the incentive to work, take risks and grow assets" By my reckoning, in excess of 150 countries world-wide collect revenue by means of a tax on capital. Can Mr Eckhoff show that social disintegration is rife on all or any of those countries due to their adoption of CGT? It was a great agenda It is time for a change all right, when a number of current Dunedin city councillors celebrate that they have left behind the "agenda" of the previous council and mayor Aaron Hawkins ( ODT 17.6.25). What did that agenda bring the city? The award-winning George St, enhanced community facilities, new Mosgiel pool, upgraded social housing, comprehensive kerbside recycling, protection for Foulden Maar, and much more. Happily there is a mayoral candidate who would bring real change to the council. Look out for Mickey Treadwell, Green candidate for mayor and a tech-savvy small business owner. [Alan Somerville is a Green Otago Regional councillor.] Column on Sparks knocked it out of the park Bravo, Adrian Seconi. You have hit the nail on the head with your article on the Otago Sparks missing out on the team of the year award at the annual Otago Sports Awards. Or, to continue your delightful cricket metaphors, you have played a perfect straight drive from the sweet spot of the bat, and it has scorched to the boundary. For all the reasons you have given, the Sparks have indeed "been robbed." To win nine of their ten round robin matches, for goodness sake. Imagine if the Highlanders did that: of course they would be our team of the year. The Sparks were so far ahead of all the other teams, they were into the final before the other places were finalised. Then on the day, they faced having to make a record score of nearly 300, thanks to a flawless century by Central Hinds' Maddy Green, who appeared to have put the win out of the Sparks' reach. Especially with Otago having three key players out with injury. Their team work, resolve, courage and skill was breathtaking, and an emotional watch for their supporters. As an ex-Otago cricketer (1961-76) and a member of the team when it won the Halliburton Johnstone shield for the first time, I could be regarded as somewhat biased, but I believe the facts Adrian has recorded speak for themselves. I also wish to thank both the Otago Daily Times and Adrian Seconi for the very high profile you consistently give to women's sport. It is without peer amongst news reporting in this country. And as a cricket lover, I can't wait for the return of Adrian's Notes from Slip each summer. Address Letters to the Editor to: Otago Daily Times, PO Box 517, 52-56 Lower Stuart St, Dunedin. Email: editor@
Miami Herald
19-06-2025
- Politics
- Miami Herald
Cristina Fernández's conviction triggers Peronist reassessment
June 19 (UPI) -- In her first public appearance since her arrest, former Argentine President Cristina Fernández de Kirchner addressed supporters in a recorded message Wednesday at a rally in Buenos Aires, where crowds gathered to proclaim her innocence. "At this stage, we need to get organized to clarify what the real problem is in our country. We will come back with more wisdom, more unity, and more strength," the former president said in the recording. Fernández was sentenced to six years of house arrest for defrauding the state of an estimated $500 million. Her arrest has, for now, unified Peronist factions around her image and message of resistance. Even factions within Kirchnerist Peronism that previously opposed her have been pushed to rally behind Fernández's narrative, in which she describes herself as "banned" and "imprisoned for standing up to the powerful." But that grassroots momentum faces growing pressure from Argentina's worsening economic crisis and a divided Peronist movement still struggling to form a unified electoral strategy. The first major test will come in September's Buenos Aires elections, followed by nationwide legislative races in October, where the party will need to shift from protest to political competition. For now, no clear leader has emerged to unite the Peronist movement. Meanwhile, a more radical, left-leaning faction is gaining ground under La Cámpora, a group led by former President Fernández's son, Máximo Kirchner. Labor unions under the General Confederation of Labor, or CGT -- long aligned with Peronism -- have expressed solidarity with Fernández. The CGT has encouraged members to mobilize but left participation to individual discretion. It remains unclear whether Peronist governors will continue to follow Fernández's lead --especially in provinces where President Javier Milei and his party, La Libertad Avanza, have gained significant ground. "The ruling against Cristina comes at a moment when Peronism is fragmented, clinging to outdated narratives and struggling to connect with the public's current demands," political analyst Juan Negri said in an interview with Infobae. "People today are more worried about making ends meet than about epic stories from the past." According to polling firm Opinaia, 69% of Argentines familiar with the Supreme Court ruling said they believe the decision was fair. Just 25% see Fernández as either innocent or the target of a political setup. The court ordered all those convicted in the so-called "Vialidad case," including Fernández, to repay funds embezzled through fraudulent administration. The original ruling estimated losses to the state at about $500 million. Judicial authorities are now updating that figure and seeking to recover the funds from Fernández's assets and those of her co-defendants. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
19-06-2025
- Politics
- UPI
Cristina Fernández's conviction triggers Peronist reassessment
1 of 3 | Argentina's former President Cristina Fernandez de Kirchner (pictured at the inauguration of Pope Francis at St Peter's Square at the Vatican in March), was sentenced to six years of house arrest for defrauding the state of an estimated $500 million. File Photo by Stefano Spaziani/UPI | License Photo June 19 (UPI) -- In her first public appearance since her arrest, former Argentine President Cristina Fernández de Kirchner addressed supporters in a recorded message Wednesday at a rally in Buenos Aires, where crowds gathered to proclaim her innocence. "At this stage, we need to get organized to clarify what the real problem is in our country. We will come back with more wisdom, more unity, and more strength," the former president said in the recording. Fernández was sentenced to six years of house arrest for defrauding the state of an estimated $500 million. Her arrest has, for now, unified Peronist factions around her image and message of resistance. Even factions within Kirchnerist Peronism that previously opposed her have been pushed to rally behind Fernández's narrative, in which she describes herself as "banned" and "imprisoned for standing up to the powerful." But that grassroots momentum faces growing pressure from Argentina's worsening economic crisis and a divided Peronist movement still struggling to form a unified electoral strategy. The first major test will come in September's Buenos Aires elections, followed by nationwide legislative races in October, where the party will need to shift from protest to political competition. For now, no clear leader has emerged to unite the Peronist movement. Meanwhile, a more radical, left-leaning faction is gaining ground under La Cámpora, a group led by former President Fernández's son, Máximo Kirchner. Labor unions under the General Confederation of Labor, or CGT -- long aligned with Peronism -- have expressed solidarity with Fernández. The CGT has encouraged members to mobilize but left participation to individual discretion. It remains unclear whether Peronist governors will continue to follow Fernández's lead --especially in provinces where President Javier Milei and his party, La Libertad Avanza, have gained significant ground. "The ruling against Cristina comes at a moment when Peronism is fragmented, clinging to outdated narratives and struggling to connect with the public's current demands," political analyst Juan Negri said in an interview with Infobae. "People today are more worried about making ends meet than about epic stories from the past." According to polling firm Opinaia, 69% of Argentines familiar with the Supreme Court ruling said they believe the decision was fair. Just 25% see Fernández as either innocent or the target of a political setup. The court ordered all those convicted in the so-called "Vialidad case," including Fernández, to repay funds embezzled through fraudulent administration. The original ruling estimated losses to the state at about $500 million. Judicial authorities are now updating that figure and seeking to recover the funds from Fernández's assets and those of her co-defendants.
The Hindu
19-06-2025
- Business
- The Hindu
Miltenyi Biotec, BIRAC partner to boost cell and gene therapy capabilities
Miltenyi Biotec India and Biotechnology Industry Research Assistance Council (BIRAC) have signed a letter of intent for a collaboration aimed at enhancing India's capabilities in cell and gene therapy through capacity building, advancing clinical research and to solve unmet medical needs by local manufacturing of cell therapies. The LOI was signed at the BIO International Convention 2025, which opened this week in Boston, they said in a joint release on Wednesday. German cellular research, cell therapy and cell manufacturing solutions provider Miltenyi Biotec in February had announced plans for a cell and gene therapy centre of excellence in Hyderabad. The partnership with BIRAC is to build national capabilities and upskill scientific talent by implementing structured training and capacity-building programmes for clinicians, researchers and technicians in CGT manufacturing, analytics, and quality control. It is also to expand translational research efforts through co-development of academic and multi-centre studies and set up point-of-care (PoC) CAR-T centres across India using automated manufacturing platforms to enable cost-effective and scalable access to personalised CGT treatments. Their partnership with also promote targeted cell therapy research and support local innovation through the identification and mentoring of Indian startups thus aligning with the Make in India mission by enhancing domestic production of critical and manufacturing components and by supporting development of national CGT COEs. 'Together, we are exploring how to address current unmet needs in medical science, particularly in areas like autoimmune and rare diseases by enhancing access through innovative mechanisms such as point-of-care CAR-T and graft engineering,' MiltenyiBiotec India MD Priya Kapoor-Hingorani said.
