A group of four manufacturing companies presented a particularly complex case for our team.
The group was made up of a dormant company, a company registered in the Isle of Man, a trading company, and a holding company. The trading company had ceased to operate and there was no longer a requirement for any of the companies to remain active. The challenge was to extinguish the various entities and to release the cash in the most efficient manner.
In total, £7.83m was distributed from the holding company to individual shareholders after all the dividends had been distributed upstream through the group. All the creditors were paid and, after working closely with tax advisers, a Members’ Voluntary Liquidation was considered the most tax-efficient way of distributing the cash surplus back to the holding company’s shareholders.
Alphasteel is a major steel manufacturer based in South Wales. Following our appointment at the request of an overseas bank, we maintained the steelworks for 7 months until a sale of the business and assets was made to Russian based investors.
The deal was completed for a consideration of approximately £57m. This successful sale should secure the future of the plant and its workforce.
23rd October 2017 The British Chambers of Commerce (BCC) has called on the government to freeze business rates in order to provide a boost to the competitiveness and productivity of UK companies.
12th October 2017 The impact of Brexit and the process of Britain departing from the European Union is likely to push up rates of insolvency among businesses throughout the UK.
11th October 2017 Financial losses and persistent problems with cash flows has led the civil engineering business Owen Pugh to enter administration.
2nd October 2017 Monarch Airlines has become insolvent and ceased trading as a result of “mounting cost pressures and increasingly competitive market conditions,” administrators have confirmed.
29th September 2017 The Bank of England governor Mark Carney has given a clear indication that he expects the base rate of interest in the UK to rise in the near future.
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