Harry and Meghan’s Sussex Royal Foundation in solvent liquidation

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.

How can we assist with members or company liquidations?

We add value by our legal services by guiding clients as to how best companies can be rescued and turned around and how debts can be written off or restructured. We can advise on a range of strategies for solvent and insolvent companies including members’ voluntary liquidation, administration, Company Voluntary Arrangements (CVAs), Individual Voluntary Arrangements (PVAs or IVAs). To achieve a company rescue you must act quickly; contact us as soon as possible. The more time available to build an alternative business plan, the more successful it is likely to be. If your company can be saved, whether this is achievable through restructuring or writing off debts, the team can help by offering clear, practical and easy to understand advice which deciphers the Insolvency Rules and regime.

Not based in London? We provide nationwide representation

That does not matter, we will represent you no matter where you are based in England or Wales.

If you contact us through our contact form, by email or by phone, one of our winding up petition team members will contact you by phone to discuss your matter and assess whether we can help you.

If we can, we will arrange a conference with a senior member of our winding up petition team. This meeting will take place either in person or using our telephone conference facilities or via Skype if you prefer. Therefore, no matter where you are based in England or Wales we can represent you.

Instruct Specialist Insolvency Lawyers

We provide a no cost initial case review to establish whether or not we can help you. We are a specialist City of London law firm made up of Solicitors & Barristers and based in the Middle Temple Inn of Court adjacent to the Royal Courts of Justice.  We are experts in dealing with matters surrounding insolvency in particular issues.  Our team have unparalleled experience at serving statutory demands, negotiating with debtors/creditors, setting aside statutory demands and both issuing and defending winding up petitions vigorously at the Royal Courts of Justice (Rolls Building), or the relevant High Court District Registry or County Court with jurisdiction under the Insolvency Rules

Want legal advice from Insolvency Experts?

Our simple enquiry form goes immediately to our Insolvency team in Middle Temple, London. Call us on +442071830529 from 9am-6pm.

Call Now Button search previous next tag category expand menu location phone mail time cart zoom edit close