Creditors’ Voluntary Liquidation (CVL)
Creditors’ Voluntary Liquidation is the most common form of the insolvency process. It typically comes about when the directors and shareholders of a company realise that it is insolvent because it either cannot pay its debts as they fall due, or its liabilities are greater than its assets.
The directors of the company engage an insolvency practitioner to prepare the paperwork and act as liquidator. At Blake-Turner we can introduce you to these insolvency practitioners with whom we work very closely.
The proposed liquidator will guide the directors and shareholders through the process, which takes several weeks. At the end of the process the liquidator is appointed and his or her role is to collect in the assets of the company and pay creditors to the extent he or she is able.
There are other routes and procedures that an insolvent company can take. These include administration and creditors’ voluntary arrangements (CVA). Please click on the foregoing links for information about those.
Whether you a creditor, or a business owner or director facing threats from your creditors, please contact Paul Cooper of Blake-Turner at email@example.com or on +44 (0) 7967 014788 to discuss your options further.