Creditors’ Voluntary Liquidation
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Stay in control – liquidate voluntarily before being forced by creditors.
What is a CVL?
A CVL is a formal method of closing a company; however, the name of this process can be confusing.
A CVL is not initiated by creditors nor HMRC but by company directors. This is also true of a Member’s Voluntary Liquidation (MVL); the difference being the MVL is for a solvent business, whereas a CVL is for an insolvent business.
Put Legal Action on Hold
If you have been experiencing pressure from creditors, such as bailiff action or a winding-up petition, you can still put the company into voluntary liquidation.
Once we have given notice of the meeting to creditors, any bailiff action against company assets is void, and therefore they tend to put all action on hold pending the appointment of a liquidator.
Advantages Of Voluntary Liquidation
Keep more control - close your company on your terms
Gives directors a clean break
Allows you to close a potentially insolvent company with no further liability (unless debts have been personally guaranteed).
Quick and cost effective
Can be funded using company assets such as cash at bank, sale of assets, book debts etc.
Your duties as a director
It shows creditors you have done the right thing by taking professional advice and can steer you away from the implications of wrongful trading.
Claim redundancy payments
Employees and potentially directors can make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and redundancy.
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