Creditors’ Voluntary Liquidation (CVL)
CVL is an insolvent liquidation and is a process which voluntarily brings about an end to an insolvent company. A director of an insolvent company has legal responsibilities, namely to protect and not worsen the position of its creditors. It requires agreement of shareholders to pass a ‘winding-up’ resolution. We can talk you through the process, organise the legal paperwork and start proceedings.
By engaging an Insolvency Practitioner to assist with placing the company into CVL, not only are the directors placing the best interests of creditors as paramount, they are seeking assistance in dealing with the winding up of the affairs, the redundancy and claims of employees, the realisation of assets and dialogue with creditors, thus taking pressure off them during, an often distressing time.
However, it is important that you seek our advice early, because as a director of an insolvent company you have a duty to minimise the loss to your creditors. Failing to do so correctly could lead to potential personal liabilities.
Expert insolvency guidance
“At CG&Co, we’re aware that insolvent liquidation can mean that a company’s directors are liable for some of the costs. But when a responsive insolvency practitioner is appointed escalating situations are quickly contained and – ultimately – resolved. From the start, CG&Co provides clients with complete transparency over our costs so they always know where they stand.”
For independent and expert guidance on insolvent liquidation, call CG&Co today on
0161 358 0210. Alternatively, click here.
