What is a Creditors’ Voluntary Liquidation [“CVL”]?
When the underlying viability of the company has gone, no matter what the reason, the directors can take charge of the situation and take steps to instigate a formal winding up of a company’s business affairs.
A CVL liquidation ensures that the remaining assets can be sold and creditors paid dividends where funds allow. Although a meeting of shareholders is necessary to place the company into liquidation it will be unlikely that there will be a need for a meeting of creditors.
A prescriptive schedule of information is required to be provided to the creditors prior to liquidation and we will assist the directors in preparing the necessary documentation so that it complies with the Insolvency Act and Rules.
We fully explain to the directors the law surrounding the procedure and their responsibilities in dealing with the demise of the company.
Insolvency-Online will provide you with an accurate and efficient service at a reasonable price.
As always with us, a free confidential consultation with one of our licensed insolvency practitioners can be held at a convenient time and location before formal steps need to be taken.
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