Creditors' voluntary liquidation (CVL)
This course of action is only appropriate if your company is declared insolvent. This can apply when:
- The company’s liabilities exceed its assets
- This company is unable to pay its debts when they fall due
- There is no likely prospect of the company being able to continue trading
Under these circumstances and with the help of the directors, the shareholders place the company into liquidation by passing a resolution. The creditors have the final vote on the chosen liquidator at a meeting of the creditors where the directors report on the company’s affairs.
With more than 50 years’ experience working with companies nationwide, Streets SPW is fully qualified to undertake the role of liquidator and we will use our in-depth knowledge of this procedure to help secure the most satisfactory outcome for everyone involved.
If you are facing financial difficulties and would like to discuss a CVL in detail, contact a member of our experienced team who will be delighted to help you.