Creditors’ Voluntary Liquidation (CVL)
A creditors' voluntary liquidation (CVL) is the liquidation of an insolvent company and brings the company's life to an end. The directors and shareholders initiate the CVL process but it is the creditors of the company who must approve the choice of liquidator since the company is not able to settle all of its debts.
If your company is experiencing financial difficulties you may find that its liabilities exceed its assets, it is not possible to pay debts as they fall due. We believe that taking advice at an early stage allows us to consider a wider range of options. We will advise you of the legal, techical and practical issues so that you fully understand your obligations as a director including what you can do to make sure that the position of the business does not deteriorate further.
We offer a confidential consultation with either Shay Lettice or Kate Merry, our IPs, who will listen to you and help you to make sense of the position. We will explore all available options and explain their likely consequences. We will then discuss those options with you, answer your questions and work with you to determine which is the most appropriate solution.
