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Originally Posted by Little.Egret
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Please be advised that Nick Myers and Henry Shinners, both of Smith & Williamson LLP, were appointed joint liquidators of Endeavour Press Limited (“the Company”) when it entered members’ voluntary liquidation (“MVL”) on 31 January 2018.
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An MVL is a solvent winding-up of a company, whereby the directors have made a declaration of solvency to the effect that all of the company’s debts will be paid in full, together with statutory interest, within 12 months of the commencement of the liquidation.
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Quote:
Originally Posted by GtrsRGr8
Thanks for all of that information, including that about the MVL.
I think that there is no real counterpart in the U.S. to the MVL, unless it is in the laws of certain states of the Union. And probably those states only would have authority to set up bankruptcy arrangements for companies domiciled in their states; having only a "presence" in those states probably wouldn't give those states much, if any, say so in the bankruptcy process.
BTW--the kinds of bankruptcies in the U.S. in states that I've lived in, or have some knowledge about on some other basis, tend, at least to be referred to as "Chapters." I've heard of "Chapter 7" and "Chapter 9" bankruptcies, although I think that both of those are individual, and not corporate types.
There are bound to be some errors in what I wrote above, but I think that they would be minor ones. I'm sure that MobileReaders more "in the know" will set me straight. Anyway, between them and me you'll have some idea of what's going on when a U.S. bookstore or publisher goes through a bankruptcy, versus what's going on when one in England does.
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As it turns out, there were several inaccuracies and incomplete responses in my post above. I wrote a full reply, with corrections, etc. but somehow it disappeared into cyberspace. It was overly wordy anyway.
If I'm not mistaken, there are two basic types of business bankruptcies in the U.S. One is Chapter 9, and the other is Chapter 11. One of the two allows the business to continue operating, and one or more judges oversees the business' effort to be a going concern. With the other one, the business must cease operations immediately, or as close to it as possible, and liquidate (sell, convert to cash) all of their assets. The MVL which you spoke of seems to be very similar to the first kind that I mentioned.