One of the UK’S largest co-operatives

Company overview

  • 12 dormant subsidiaries of one of the UK’s largest societies
  • All subsidiary companies have traded in the past
  • All companies have been dormant for a number of years
  • There was a possibility of unrecorded assets or liabilities


The challenge

  • Shareholder was concerned about unrecorded asset reverting to government control
  • Shareholder wanted to make sure that the intercompany balances were satisfied
  • Shareholder wanted the companies wound up or dissolved.


Moorfields Action

  • Prior to the liquidation, land registry searches were undertaken to identify properties
  • Discovered a freehold property was owned by one of the dormant companies
  • Distributed over £50,000 of intercompany debt
  • Agreed Corporation Tax Liability with HMRC
  • Removed, where appropriate the companies from the main VAT group


The result

  • Returned cash to shareholders in accordance with agreed timetable
  • By identifying unknown assets the shareholder was able to adapt its strategy accordingly
  • Reduce the amount of time management spend dealing with annual returns and accounts of dormant companies
  • Successfully wound up 11 of the 12 companies, the 12th being withdrawn as a result of the assets identified by Moorfields.