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.
17th May 2017 As many as one in four SMEs throughout the UK are reliant to some extent on the services of ‘gig economy’ workers, according to new research on the subject.
11th May 2017 Small companies throughout the UK could be facing a “business support black hole” in the next decade if funding currently allocated to them from the European Union is not replaced after Brexit.
2nd May 2017 The number of company directors who have been banned from leading or forming businesses for five years or longer reached a six-year high during 2015/16, according to the latest figures on the subject.
27th April 2017 A major creditor to Bolton Wanderers has issued a winding up petition against the football club in relation to a £5 million loan given to the organisation last year.
26th April 2017 HM Revenue & Customs (HMRC) officers have raided the offices of two of England’s largest and best known football clubs over issues relating to suspected income tax and national insurance (NI) fraud.
Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.