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Not every business can be saved or turned around. Sometimes the best outcome for the company’s creditors and to minimise the risks for the directors is for the company to be wound up in an orderly fashion.
A Creditors' Voluntary Liquidation (CVL) is the procedure by which the company’s directors and shareholders begin the process to wind up the company and appoint a liquidator.
We will work with you to evaluate the company’s options. We will advise and assist the company with regard to the timing of the liquidation, maximising value from the company’s assets, handling staff redundancies and dealing with creditors. We will also ensure that the company’s directors receive the appropriate advice with regard to their responsibilities.
The business will cease trading and meetings of shareholders and creditors will be held to appoint a liquidator. We will prepare on your behalf the report and financial statement to be presented to creditors.
Once appointed, the liquidator shall realise value from the company’s assets, agree the claims of creditors and distribute the proceeds realised from the company’s assets to them in accordance with their rights and priorities.
Contact us to discuss your company’s options and whether a CVL is right for you.