Members Voluntary Liquidation for Gauss Investments Limited

A complex and challenging multi-jurisdictional MVL

“Stephen, Sunney and ABc demonstrated incredible fairness, patience and professionalism throughout the process.”

In July 2014, the director of Gauss Investments decided to wind up his company using a members voluntary liquidation, and appointed Licensed Insolvency Practitioner Stephen Evans to carry out the job. 6 years later, after what proved to be a complex and challenging procedure, the case has been brought to a successful conclusion.

The key issues to overcome, which were wholly responsible for the lengthy time period, were having to deal with the Italian tax authorities for a VAT refund and also UK based solicitors representing an overseas investor in claiming against Gauss. We are grateful to our client for this testimonial:

“In July 2014 I decided to wind up the business and start a new venture and appointed Stephen Evans and Antony Batty & Co. to carry out the job through a Members Voluntary Liquidation. A long due refund by the Italian Agenzia delle Entrate, the equivalent of the UK’s HMRC, delayed the process so much that we only managed to receive payment in 2020.

The whole has now been brought to a satisfactory conclusion with the Company finally being dissolved. During these many years Stephen Evans, Sunney Sagoo and the rest of the team at Antony Batty & Company demonstrated incredible fairness, patience and professionalism in getting the job done, and for that I’m very grateful.

Because of my excellent experience I would very highly recommend the team at Antony Batty & Co!”

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What made this such a Complex and Challenging Members Voluntary Liquidation?

Stephen Evans takes up the story:

Gauss Investments Limited gave financial advice to high networth clients of an international nature. The solvent liquidation was brought about by a threat to make a multi millionpound claim by a Swedish person, concerning an investment in a tax planning vehicle based in Gibraltar, which involved the German tax authorities. So, an immediately complex case involving multiple jurisdictions.

The claim proved to be extremely frustrating as the Swedish claimant would not prove his claim even when pressed and so I had no alternative but to disallow his claim. The claimant then appealed my decision (the first time in all my nearly 40 years in insolvency that this has happened to me) and we robustly defended his appeal. In the end the claimant backed down, but it was a lengthy process.

In addition, there was an Italian VAT claim, involving the Italian version of HMRC, which proved to be slow and expensive.

The key point, of course, is that we finally, got the MVL over the line, despite all the obstacles in our way, much to our client’s delight. The key numbers show that the Italian VAT refund was for £30,630 and there was a first and final distribution to the shareholder of £13,783, which was a part repayment of the share capital

Contact us if you are Considering a Members Voluntary Liquidation

Each MVL ultimately turns on its specific details, as this case shows. We have a great deal of experience and expertise in successfully completing Members’ Voluntary Liquidations. In 2019 we were instructed on 49 MVLsClick here to see our quick guide to MVLs.

Our Members’ Voluntary Liquidation specialists work with clients across the country and overseas, as in this case, delivering what we call ‘Big 4’ levels of service at competitive prices. It is testimonials like these that demonstrate the quality of our work. Click here to see some more testimonials.

If you are considering a solvent Members Voluntary Liquidation for your company, contact us or call us at any of our offices for a FREE initial discussion:

 

 

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