Creditors’ Voluntary Liquidation (CVL)
If your company has become insolvent then you may need a Creditors’ Voluntary Liquidation that you can afford; our advice and support is geared to help a wide range of businesses in many different sectors.
The most important part of what we do is to help you to understand that you are not alone in facing your current situation, we are here to help. You will feel more in control after speaking to us.
With over forty years’ helping business across the UK navigate their way through some difficult times, we belive that our CVL advice is second to none and our costs are some of the most competitive in the industry.
What Is Creditors’ Voluntary Liquidation?
When a company director or shareholder needs to close down a limited company that has become insolvent, a Creditors’ Voluntary Liquidation procedure may need to commence. The CVL will ensure the company meets all legal requirements to close.
Don’t forget insolvent means that the company cannot pay those that it is due to pay.
If a company is unable to meet its debts (what it owes), the directors and shareholders can agree to move the company into liquidation. The assets from the company are then used to pay any outstanding debts to creditors to the extent that the value of assets allow.
Do You Need Creditors’ Voluntary Liquidation?
If you need to close your company because it is insolvent, you will benefit from going through a process of Creditors’ Voluntary Liquidation. This is a legal process that needs to be handled professionally by licensed insolvency practitioners.
With most limited companies the liability is on the company rather than the directors and shareholders, unless there have been, for instance, specific guarantees to pay money owed to certain third parties.
A company can be generally considered insolvent when it doesn’t have the money to pay its creditors (meaning anyone owed money by the company). CVL is appropriate when:
- The company is insolvent
- The company does not appear to be viable even if restructured
- The directors don’t feel they have the belief or funding needed to rescue the company
It’s important to understand that the liquidation of a company does not prevent, under advice, the rescue of parts of the business that operated within the company
Low Cost CVL Advice That Counts
As with any insolvency, a Creditors Voluntary Liquidation service comes with a cost to the business and that’s something which can be a big issue when it comes to hiring the right CVL experts. Ideally, you don’t want to be paying more than you need to.
At Liquidation.co.uk, you get access to the CVL advice you need right now with some of the most competitive fee structures in the industry. That means you can talk to a Creditors’ Voluntary Liquidation specialist for an initial consultation for free – we set that up to find out about your situation, to explain what your options are and what steps are needed for you to follow if you are to proceed with a CVL or any other option discussed.
Don’t forget that we don’t just give advice over the phone, we can come to you to advise and plan.
We have 3 licensed insolvency practitioners as our company directors, backed by an experienced team of case managers, many of whom are CPI (Certificate of Proficiency in Insolvency) qualified. Our friendly team will be able to work through the complex issues and give you an objective and balanced set of options about what lies ahead. After that, we can help deliver the CVL with the minimum of fuss.
Our low-cost fee structure means you’ll have a clear idea of what your spend is going to be and how this fits into the whole insolvency process you are faced with. If you need a Creditors’ Voluntary Liquidation specialist who is going to fight your corner, contact our friendly professional team today for that free initial consultation.
A Creditors’ Voluntary Liquidation from liquidation.co.uk starts from £3,000.
What is the CVL Process?
When looking to conduct a Creditors’ Voluntary Liquidation, it’s important to understand the key stages involved in successfully completing an CVL process. Click here to view the process in full.