Creditor’s Guide to Creditors’ Voluntary Liquidation (CVL)
We help creditors gain greater control, and improve outcomes in a Creditors' Voluntary Liquidation (CVL).
Although the process is called a Creditors' Voluntary Liquidation (CVL); it's the director who decides whether the company is able to meet its obligations and commitments.
Meeting of Shareholders
If the director decides the company is insolvent, they must:
- Call a meeting of shareholders
- Convince 75% of shareholders to wind up the company
- Nominate an insolvency practitioner to coordinate the Liquidation.
Insolvency practitioners act as Liquidators on behalf of the court and have far-reaching statutory duties.
The first responsibility of the nominated insolvency practitioner is to contact all the creditors. They will be informed that on a given date (usually within 7 to 10 days), the company will be deemed to have gone into Liquidation.
Unless creditors call for a physical Meeting of Creditors (see below); they are deemed to have accepted the decision to make the company insolvent.
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Liquidation is very serious and you will need expert advice and support. I&L assists creditors seeking greater control in Creditors’ Voluntary Liquidations. Call 020 7504 1300 now for free and confidential advice…