Liquidation Maximises Returns

The situation

The 82-year-old director and majority shareholder in an oil refinery and depot business decided to retire. The main refinery and depot business had already been sold, but the remainder of the family-owned business needed to be brought to a close. The company’s accountants recommended the family talk to Ruth Duncan. The liquidation had to be quick for the shareholders to benefit from entrepreneurs’ relief on their distributions which was due to expire within the year.

What we did

Before the company was placed into liquidation, Ruth met with the accountants and family to resolve outstanding issues. It became clear the significant clean-up needed at the remaining oil depot would impact on the liquidation costs and return to shareholders. There would also be a delay in finding a purchaser. To avoid this, Ruth suggested the remaining property be valued and tax efficiently transferred out of the company. This was managed by the accountants and family.

The result

Thanks to Ruth’s advice, the liquidation was completed without any unforeseen costs or delays. The shareholders received an immediate return of £884,000 when the company was placed into a members’ voluntary liquidation and £55,000 on its completion eight months later.

Working with you

We will work with you to explore your situation in detail and provide clear, jargon-free, honest advice. Rest assured, anything discussed with us remains confidential.

All initial consultations are free of charge and without obligation.

When you need help

Call Ruth on 01622 764 612
Call Ruth on 020 7253 7171

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Testimonials

"I found Ruth and her team to be patient and approachable as they were always at the other end of the phone to answer any questions that we may have thereby providing us with comforting assurances as much as possible. They were also frank and candid in telling us where they did not have an answer."

Mr L Company Director

"Ruth and her team helped me through a difficult time in a caring and supportive way. I know I can always go to Ruth for advice and guidance which will be given impartially and fairly for all parties concerned. This is very much an open, clear and professional relationship which I appreciate."

Mr B IVA

"The most important thing about Ruth's approach is she is professional, not pompous. She is sympathetic to clients who have problems, listening and finding solutions..."

Mr M. Referring Accountant

"I would like to re-iterate my thanks to Ruth and her staff for putting my finances back on track, so efficiently and effectively. As a now retired person, I hesitate to imagine my financial outlook had you not successfully orchestrated my IVA."

Mr S

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