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A Members’ Voluntary Liquidation (MVL) is used when a solvent company can still pay its debts in full. The MVL process allows the directors to make a declaration of solvency confirming the business is able to meet obligations, and the members agree to proceed with winding up.
A liquidator is then appointed to manage the company liquidation, realise the company’s assets, and distribute any surplus assets to shareholders. Unlike a creditors voluntary liquidation, which applies to an insolvent company, an MVL is a structured way for a solvent business to be fully wound up in compliance with the Corporations Act.
The Members’ Voluntary Liquidation process typically follows seven key steps, including:
Cost-effective method of winding down your business
Put an end to hassling calls from creditors
Reduce stress and pressures from financial challenges
Solve your Directors Penalty Notice (DPN)
Mackay Goodwin excels in navigating the complexities of corporate financial distress, providing expert solutions and end-to-end support. Our proven track record and commitment to recovery make us a steady guide in uncertain times.
In a Creditors’ Voluntary Liquidation, our ASIC-registered liquidators support directors by dealing with the formal steps of liquidation like convening shareholder meetings. We manage the entire process, reducing stress and helping you move forward with confidence.
A Provisional Liquidator can help safeguard your company during uncertain times. We step in to take control, limit further damage, and protect the business while key issues are resolved.
If your company owes less than $1 million, you may qualify for this streamlined alternative to CVL. We’ll handle the process with clarity and care, helping you wind up the right way.
Considering a member's voluntary liquidation? The process involves important legal steps and compliance with ASIC published notices, so it’s best handled by experts.
At Mackay Goodwin, we’ll guide you through the liquidation process with clear advice tailored to your business and group structure. For a confidential discussion, contact our team today and explore the significant benefits of choosing the right pathway.
Edwin is a valuable member of the senior Mackay Goodwin team, with a huge amount of expertise and experience in running a range of different Deed of Company Arrangement proposals, for Administrations across a diverse range of industry sectors, and in all states across Australia.
David has a wealth of experience across receiverships, voluntary administrations and liquidations together with restructuring and turnaround engagements. Growing up in Bathurst, NSW, David’s interest in agriculture and passion for motorsport translates to his hands-on approach in the insolvency industry. Taking upon a broad range of appointments, David provides a thorough analysis of the current situations his clients are facing and provides the best possible outcome for them and other stakeholders. David’s experience allows him to draw on a broad range of prior appointments and their unique nature to facilitate the survival of a business where possible by using achievable arrangements.
Mitchell has 20 years’ experience in corporate insolvency and restructure. Mitchell is a Registered Liquidator having working on many types of corporate appointments. He has managed complex liquidations and voluntary administrations in numerous industries with expertise in property, finance, manufacturing, IT and building and constructions. Mitchell brings value to appointments from start to finish, from marketing and having initial contact with clients to achieving exceptional outcomes.
Grahame Ward is a Registered Liquidator and Administrator with expertise in industries like property, tourism, transport, hospitality, and manufacturing. Since 1996, he has specialised in corporate and personal insolvency, reorganisation, restructuring, and crisis management. As a Chartered Accountant and Official Liquidator, Grahame is known for delivering timely and practical advice, especially in complex insolvency matters. He is actively involved in professional development through ARITA, sharing his knowledge as a workshop leader. Grahame is committed to achieving positive outcomes for stakeholders, offering reliable support during challenging financial situations.
Gavin King is a seasoned business advisor and insolvency expert with extensive experience in corporate restructuring and turnaround management. Over the course of his career, Gavin has helped numerous businesses navigate complex financial challenges, providing tailored solutions that maximise stakeholder value. Specialising in insolvency administration, he brings a hands-on approach to managing voluntary administrations, liquidations, and corporate workouts. With a proven track record of leading successful recovery processes, Gavin leverages his deep industry knowledge to guide businesses through periods of distress, ensuring they emerge stronger and more resilient.
Andrew Quinn is a seasoned professional in the insolvency and restructuring industry, serving as a Director at Mackay Goodwin. With a deep understanding of complex financial challenges, Andrew has guided numerous businesses through voluntary administrations, liquidations, and corporate restructurings. His industry experience spans across sectors including construction, hospitality, and professional services, providing him with a diverse skill set to address each client’s unique needs.
Andrew’s strategic approach focuses on achieving the best possible outcomes for all stakeholders while navigating businesses through periods of financial adversity. His commitment to providing tailored solutions ensures that businesses receive the support they need to recover and thrive in challenging times.
An MVL must follow strict rules under the Corporations Act. Key requirements include:
When a Members’ Voluntary Liquidation (MVL) is completed, the company is formally wound up and removed from the register. The liquidator sells any remaining assets, settles outstanding obligations, and distributes surplus funds or assets to shareholders.
Key consequences include:
The process provides a clear and structured way to close a solvent company, often more efficient than alternatives.
The main difference between a creditors' voluntary liquidation (CVL) and an MVL lies in solvency:
Both fall under voluntary liquidation, but while a CVL may arise from financial distress, an MVL is often chosen for restructuring a group structure, succession planning, or closing a solvent business.