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Case Studies

GROUP OF SUBSIDIARIES OF MULTINATIONAL PLC

customer background

TBDA was approached by representatives of a multinational PLC which operated in the construction, operation and maintenance of urban services and infrastructure. The PLC wanted to tidy up the group structure and there were circa 20 companies which had been previous acquisitions but where the trading of these companies had been hived up to larger group companies. This was “Project Space”.

The companies were all dormant and whilst some had no assets, others were owed money by Group companies. The Group’s internal finance function had tidied up the structure and inter-company indebtedness to facilitate solvent liquidation and distribution in specie using Deeds of Assignment and Distribution. Steps were taken to ensure that there were common directors appointed on these companies to facilitate the winding up and passing of resolutions.

The Group provided up to date positions on the assets and liabilities of the companies in Project Space. The TBDA team worked with specialist Insolvency solicitors to develop the strategy and documentation required. TBDA quoted a competitive price to deal with all the MVL as a group project.  

Following agreement of the strategy and price for the Project, all the documentation was prepared which included written resolutions which had been provided to the directors and shareholder companies. All the companies were wound up on the same day with Bev Budsworth appointed as Liquidator.  

approved Members Voluntary Liquidation solution

The Project was complex but TBDA team ensured that the project was conducted to the highest standard of compliance, ensuring that relevant book debts were assigned to the corresponding Shareholder, as a ‘distribution in specie’. The relevant clearance was obtained from HMRC and the liquidations have concluded.

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