In this guide, we will explain everything you need to know about the Creditors Voluntary Liquidation process, including what it is and how the process works. If you're facing financial difficulties with your company and struggling to pay off your debts, liquidation may be the right solution for you. In this article, we'll take a closer look at what Creditors Voluntary liquidators is, who it's for, and how it works.
What is Creditors Voluntary Liquidation?
Creditors Voluntary Liquidation (CVL) is a legal process that allows a company to close down in an orderly manner when it can no longer pay its debts. It is initiated by the company's directors and is designed to ensure that the company's assets are sold and the proceeds are distributed to its creditors in an orderly and fair way.
CVL is not the same as compulsory liquidation, which is when a company is forced to close down by a court order. CVL is a voluntary process that allows directors to take control of the process and work with a licensed insolvency practitioner to close down the company in the most efficient and cost-effective way possible.
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