Creditors’ Voluntary Liquidation
We’ll do all we can to help save your business, but if a formal insolvency process is the only solution we’ll guide you every step of the way.
What is it?
If your business becomes unable to pay its debts and you’re not in a position to benefit from any of White Maund’s recovery procedures, an appropriate course of action may be a creditors’ voluntary liquidation (CVL).
The most common form of liquidation in use in England and Wales, a CVL allows directors and shareholders to deal voluntarily with their company’s insolvency.
What will happen?
The process begins with a general meeting of the board to announce the company’s insolvent state. After this meeting, the shareholders mutually agree on a liquidator to appoint. It is normal for the company to then cease trading, with the company’s employees being dismissed.
Once appointed by members and then creditors, the liquidator then has three main duties: to realise assets; to agree the claims of the company’s creditors and to investigate the company’s affairs and the directors’ conduct.
How White Maund can help
Firstly we can help you decide if liquidation really is the best option for you. As an outside party looking in, we can often spot ways to help your business you may not have thought about, perhaps through restructuring or with other options like a company voluntary arrangement.
If liquidation really is the best option for your business, our years of experience within the insolvency field mean we can manage the entire process, ensuring you meet all your obligations. We will handle almost all of the paperwork, the assets and the activity after liquidation.