Creditors' Voluntary Liquidations (CVLs) are initiated by the directors where a company is insolvent. The liquidator’s appointment is confirmed at a subsequent meeting of the creditors. The creditors have the power to appoint an alternative liquidator if a majority in value supports such an action.
We have a successful track record in winding up companies through CVLs.
How can we help?
We can advise on all the necessary steps to place a company into a CVL. We can also act as liquidators.
Should I appoint a liquidator?
You should appoint a liquidator if your company is insolvent! There are two definitions of insolvent. One is where the company is unable to pay its debts as they fall due. The second is where the liabilities of the company exceed the company’s assets. If a company is insolvent and the directors cannot find a way to return the company to a solvent position then the directors need to seriously consider appointing a liquidator.