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If a company is insolvent and does not have
enough money to discharge its liabilities, sometimes the only
appropriate course of action is for the directors to place it into
voluntary liquidation. A Creditors' Voluntary Liquidation is the
most common way for directors' and shareholders' to deal voluntarily
with their company's insolvency.
We are able to provide assistance and guidance to company directors
to deal with their statutory and other obligations leading to the
appointment of a liquidator.
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A Creditors' Voluntary Liquidation is appropriate when:
• The company is insolvent;
• The company does not appear to be viable even if restructured;
• The directors do not feel they have the determination needed to
rescue the company.
The directors agree to convene respective meetings of shareholders
and creditors in order to resolve to place the company into
liquidation.
Once appointed by members and then creditors, the liquidator has
three main duties:
• realize the company's assets;
• agree the claims of the company's creditors and pay a dividend;
• Investigate the company's affairs and the director's conduct.
Simply contact us for free, no obligation advice.
Our team of professional and friendly advisors will guide you
through the process of placing your company in CVL. |
