Creditors Voluntary Liquidation

CVL - Insolvent Business

Creditors: (Companies and Individuals owed monies by the company)
Voluntary: (freely; willingly; deliberately; intentionally)
Liquidation: (cessation; closure; distribution)

The company cannot pay it’s liabilities when they fall due.
Liabilities exceed assets = the company is insolvent

Directors and Shareholders resolve to wind-up their Limited liability company having taken responsible steps to protect the assets and to stop additional liabilities being incurred. The company is unable to sustain a future without incurring further debts it cannot pay.

Our priority is to establish whether there are rescue options available which the directors may not have considered are available to them and the company. See CVA.
 

Key Issues:

• Disqualification of Directors.
• Writs/petitions have/are being served upon the company for debts due over £750.00.
• The company ceases to trade.
• Employee Claims/Rights.
• Investigation into the company’s trading activities by the Liquidator.
• Liquidation Committee.