Creditors' Voluntary Liquidation
A Creditors' Voluntary Liquidation (CVL) is the process where the Directors of a (usually) insolvent Company can voluntarily take steps to wind up the Company. The Directors convene meetings of the Company's shareholders and creditors to consider resolutions to wind up the Company and appoint a Liquidator.
Once appointed, the Liquidator takes control of the Company from the Directors and although a short period of trading may take place to complete outstanding contracts, it is more common for the Company to cease trading and its assets are sold to repay the costs of the liquidation with any surplus being paid to creditors in the priority set out in the legislation.
This would be a good option for your company if it is unable to pay its bills as and when they are due.
We will work with Director(s) to realise assets of the company, whilst finalising the closure of the company, including but not limited to, pensions, VAT accounts and distributions to creditors of the company.