Read through some of the work the Corporate Simplification and Solvent Liquidations Team have undertaken in recent years below.
We helped to identify elimination targets, carry out due diligence, and identify/resolve exit barriers, before acting as liquidators, resulting in 100+ dormant/ duplicate entities being removed, allowing the group to focus on its main revenue-generating business.
“…provided invaluable assistance to the Group’s LER project both from a project management perspective and in terms of support on ad hoc issues… the staff have consistently demonstrated a flexibility of thinking that has enabled the many issues identified during the project to be overcome” (Group Financial Controller)
After disposing of its operations in Europe/US, the company used MVL as a mechanism for dealing with residual liabilities and making distributions to preferred shareholders - we successfully valued a $20m contingent claim at c.$250k (despite High Court and Court of Appeal challenges) and returned $62m to shareholders.
“…did a very good job of simplifying technical points and making them easily understood…. a really outstanding job” (Majority preferred shareholder)
We acted as MVL liquidators in a solvent demerger of the group’s underlying subsidiaries, valued at £4.5bn - we worked with legal advisors in preparation for the liquidation and distributed the subsidiaries to a new overseas holding company on day one under the terms of a reconstruction agreement and indemnity.
“Thank you for all your work to date…and for your very thorough updates. Hugely appreciated” (Chief Financial Officer)
We assisted with preparation/planning and winding down operations prior to liquidation, and the surrender of leasehold property/ landlord negotiation, shareholder loans/ associated tax considerations, residual contractual obligations and creditor claims during the liquidation itself.
“…really understood what we wanted to achieve… immediately understood the scope of work including the sensitivities involved, articulated the advantages and disadvantages of the wind down and the associated risks with an MVL… also quickly grasped the elements that were more complicated in nature, again a demonstration of their understanding of the project” (Operations Director)
The company incurred significant losses on its US and other bonds and decided to pursue an orderly return of capital via voluntary liquidation – as part of that process, we helped pursue claims against certain banks and financial institutions, ultimately recovering $50m+ for the benefit of shareholders.
“…thank you for the huge amount of work you and your colleagues have put in to achieve what you so accurately describe as “a fantastic result for shareholders”… what you and the lawyers have achieved is nothing short of amazing” (Shareholder/former director).
