The business life of Sir Bruce Forsyth
His death also saw the end of the company that bore his name for over 50 years.
His widow, Lady Wilnelia Forsyth, finally put Bruce Forsyth Enterprises Limited into members voluntary liquidation last week after the principal, Sir Bruce, died in 2017 aged 89.
It had over five million pounds in assets at the time which will ultimately be distributed to her after the appropriate costs and fees associated with the liquidation process have been paid. This allows for the funds to be distributed as capital rather than income and attracts Entrepreneurs relief, reducing the tax rate to just 10%.
In addition to these funds, she was left £11.5m in his will with instructions to distribute it between his son and five daughters to avoid inheritance tax. He also left his nine grandchildren £100,000 in trust until they reached their 21st birthdays.
Bruce Forsyth Enterprises Limited was founded by Sir Bruce in 1960 and was described under activities as “Theatrical Showmen and Promoters” which almost seems inadequate to describe the glittering career of one of Britain’s best-loved entertainers.
Some of the historical details are fascinating such as his personal Rolls Royce being listed as a company asset in 1989, when the company’s overall assets were £544,477. Sir Bruce was receiving £50,000 a year from the company in dividends at this point so he certainly played his cards right to raise his company’s value to nearly ten times that amount.
In 2011, he also had to file a form CH01, a change of particulars for director, with Companies House in 2011 when he was knighted. This is because his name legally acquired the prefix Sir. His wife Wilnelia also legally became Lady Wilnelia so she also had to legally change her status on the company records.
Sadly after Sir Bruce passed away in August 2017, the formality of a TM01 form, the Termination of a Director Appointment, also had to be completed.
In the case of Bruce Forsyth Enterprises, the voluntary liquidation was a straightforward process, but there can be complicating factors for other companies. This can depend on how much cash is in the company bank account, the value of office equipment, fittings, plant, machinery and other stock and property the company owns including vehicles.
Debtors are also taken into account but only non-financed debts which are treated separately from personal guarantees or secured charges.
Of course you don’t have to wait until the end of your life – working or otherwise – to terminate your company if you feel it’s time.
We can discuss all of your available courses of action and work with you to complete it as quickly and stress free as possible so you can get on with your next big show – whatever it may be.