It has been revealed that the royal family’s Harry and Meghan’s Sussex Foundation is now officially in the process of a members’ voluntary liquidation following the appointment of a voluntary liquidator.
What is a Members’ Voluntary Liquidation?
Also known as “solvent liquidation”, you may choose members’ voluntary liquidation if your company is ‘solvent’ (can pay its debts) and one of the following applies:
- you want to retire;
- you want to step down from the family business and nobody else wants to run it; or
- you do not want to run the business any more.
To pass a resolution for members’ voluntary liquidation, you must:
- make a ‘Declaration of solvency’ – English and Welsh companies
- ask the Accountant in Bankruptcy for form 4.25 (Scot) – Scottish companies
You’ll need to review the company’s assets and liabilities just before making the declaration.
Why is the royal charity being put into liquidation?
In July 2020, the Duke and Duchess of Sussex, began the process of closing down their UK Sussex Royal charity, as they progress with their plans for a global charitable body, Archewell, inspired by the name of their son Archie.
A voluntary liquidator was appointed on 28 July 2020. The relevant paperwork including a declaration of solvency for Sussex Royal The Foundation of the Duke and Duchess of Sussex has been filed at Companies House. The Duke will continue as director and trustee of Sussex Royal charity until the liquidation process is complete.
This news follows the couple’s stepping down from their royal duties in March this year and the unsuccessful outcome in Meghan Markle’s defamation claim against the Daily Mail on Sunday, in which she was ordered to pay £67,000 in adverse costs.
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