Creditors’ Voluntary Liquidations
A Creditors’ Voluntary Liquidation (“CVL”) is only appropriate when a company is insolvent, i.e.:
- its liabilities exceed its assets and/or
- it cannot pay its debts as and when they fall due and
- there is no prospect of the company continuing to trade.
The Directors and Shareholders place the company into liquidation. The creditors, however, have the final vote on the choice of liquidator.
If you are a Director of a company in financial difficulties we can offer an initial free consultation on the most appropriate way to proceed, taking into account the aims and responsibilities of the Directors and the extent of difficulties.
If you are a creditor of a company experiencing financial difficulties we can assist in the appropriate action to maximise your recovery, or in the case of a customer facing a CVL we can represent you at that meeting ensuring that your best interests are catered for.