A Creditors' Voluntary Liquidation (CVL) is the procedure to wind up your company (or deal with the closure of it) if the company is insolvent - or in other words the value of the assets of the company are not enough to be able to clear all of the debts.
A Liquidation procedure is to be used (rather than an Administration or Company Voluntary Arrangements) if there is no part of the business that can be sold or is worth trying to salvage. Of course, we will carefully review this with you to make sure the right process is chosen to deal with your company.
Creditors' Voluntary Liquidation Process
If you believe your company may be insolvent -
- Contact our Creditors' Voluntary Liquidation experts here at Griffin & King.
- Your company position will be fully discussed with a qualified member of the Griffin & King team. We will listen carefully to your concerns, worries and future plans and suggest a plan that takes these into account.
- Based on these discussions you will decide to either place the company into Creditors' Voluntary Liquidation or consider other options.
- Formally instruct Griffin & King to wind up your company by signing a number of forms.
- The winding up procedure will commence immediately.
- We will deal with your creditors and employees.
- You will be allocated a manager to your case who will be pleased to answer any questions that you have, however futile you believe these maybe.
- Your progress will be monitored carefully, at all times by an Insolvency Practitioner.
Please be assured the team at Griffin & King will guide you throughout the process.
For our Creditors' Voluntary Liquidation Online Service please click here.