Members' Voluntary Liquidation Expenses
Approved Recovery Limited’s MVL expenses comprise of the following:
- Anti-money laundering searches (company and individuals)
- Statutory advertisements in the London Gazette (three adverts required)
- Specific insurance bond (subject to company’s asset value)
|Company Anti-Money Laundering searches||2||£1.00 per search|
|Individual Anti-Money Laundering searches||2||£5.50 per search|
|Advertisements||1||£99.90 plus VAT each|
|Specific insurance bond||1||See below table|
|Mileage||2||£0.45 per mile|
|Postage (1st & 2nd class)||2||Royal Mail cost at time of posting|
The cost of the specific insurance bond is dependent on the asset value of the company.
Our current MVL specific insurance bond rates are shown in the below table.
|Asset Value||Bond £|
|£5,001 - £10,000||15|
|£10,001 - £25,000||35|
|£25,001 - £50,000||67.50|
|£50,001 - £100,000||120|
|£100,001 - £250,000||187.50|
|£250,001 - £500,000||255.00|
|£500,001 - £1,000,000||337.50|
|£1,000,001 - £2,000,000||540|
|£2,000,001 - £3,500,000||675.00|
|£3,500,001 - £5,000,000||810.00|
Bond discounts are available for group companies and clients with little or no cash.
Category 2 expenses require shareholder approval before they can be drawn. Category 1 disbursements do not require prior approval before being drawn.
All expenses are charged at cost plus VAT where applicable.