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When a company becomes insolvent, directors need to take appropriate action to deal with the situation, which is usually to cease trading and close the company down. It won’t be possible to simply dissolve the company at Companies House using a voluntary strike-off application, since this is likely to be opposed by creditors of the […]
What is a Creditors’ Voluntary Liquidation? Creditors’ Voluntary Liquidation (CVL) is the process where the Directors of an insolvent company can voluntarily take steps to wind up the company. The Directors call a meeting of the company’s shareholders to consider resolutions to wind up the company and decide on a decision procedure for creditors to […]
There are 2 ways a company can go into liquidation. The first and most common way is voluntarily, by the directors and shareholders – this is known as a Creditors’ Voluntary Liquidation (CVL). The second way is a compulsory liquidation and is when a creditor or shareholder files a petition at court to wind the […]
