Creditors’ Voluntary Liquidation (CVL)

Regrettably, it is not always possible to rescue or sell a business. A CVL can be utilised once it has been determined that the company’s liabilities irrevocably exceed its assets and/or the company cannot pay its debts as and when they fall due.

The CVL process is the most common voluntary insolvency procedure. It is initiated by directors and shareholders under the guidance of a licensed insolvency practitioner. However, it is the creditors of the company that approve the choice of the liquidator who will deal with the liquidation to completion. Following receipt of the Liquidator’s final report, Companies House will dissolve and strike off the company.

If your company is experiencing financial difficulty, it is vital that you take professional advice as soon as possible. We offer a free confidential consultation with a licensed insolvency practitioner to fully understand the financial difficulties that the company faces. We will explore all options available to you and fully explain the consequences of each one in turn. We will also make sure that you fully understand obligations placed upon you as a director of an insolvent company.

Our general practice experience within the SME marketplace provides us with a full understanding of the stresses and difficulties in running a small business. We recognise that taking advice as early as possible is crucial to ensure that as many options as possible are available to you.

We are able to provide a highly personalised, compassionate and value-for-money service to all clients. Our work is partner-led so that you receive a high level of expertise and experience at all times. Once we fully understand the problem, we offer practical and constructive advice which is specific to your situation. We will explain the options available to you, answer any questions you may have and work with you to provide a tailored solution.

We offer a free initial consultation (on a confidential basis) to fully understand your specific circumstances. Please contact us on 020 7523 5322 or e-mail info@best4business.com