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What is QuickCapital?
QuickCapital is the process of returning capital to shareholders quickly using a members’ voluntary liquidation where the client and advisor have completed the majority of the work pre-liquidation to minimise costs.
The QuickCapital pack is a data and document gathering tool for all the relevant information needed by Portland to enable the company to be placed into liquidation, to make the distribution to shareholders and to bring the liquidation to a close.
Why use it?
It has principally been designed as a cheap way to return cash back to shareholders but is likely to be mainly used by advisors to assist their clients in situations where the provisions of Section 1030A Corporation Tax Act 2010 (formerly ESC C16) are not available, desirable or appropriate in order to make capital distributions to shareholders outside of a liquidation.
When to use it
The QuickCapital pack is to be used where the only assets held are cash or cash equivalent assets, the company has ceased trading and there are no third party creditors other than HM Revenue & Customs for Corporation Tax for the final periods to liquidation. The QuickCapital pack may not be relevant in all circumstances and so it is important to discuss the possible liquidation with Portland before starting work to complete this pack.
This QuickCapital process has been designed to save your client money and assist you and your client in maintaining control of the process. In enables you and your client deal with all matters required to be concluded which keeps the liquidation costs to a minimum and as a result the capital can be distributed to your client promptly.
We do hope that you and your client find it useful and helpful and if you can think of ways in which it could be improved please do let us know.
How you use it?
It is expected that the advisor, in discussions with the client as needs be, satisfies him/herself that there are no matters outstanding in particular, all assets are realised, all liabilities have been settled and there are no on-going tax investigations.
The advisor should then discuss the case with Portland to ensure that the case is suitable for QuickCapital. Once agreed, Portland will provide the advisor with the QuickCapital pack and a manual setting out how to complete the pack.
The following link contains a flowchart which shows the steps required to be completed.
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How it works
This unique concept has been designed to save your clients money,
reduce delays and ultimately provide you and your client greater
control and flexibility during the process of a liquidation