Creditors’ voluntary liquidation
There may be better options. Before you consider closing down your company talk to McTear Williams & Wood to understand your choices. For a professional assessment of your situation call us on 0800 331 7417
If your business is suffering distress then you may wish to use a creditors’ voluntary liquidation (also known as 'CVL') to shut down your business and effectively end trading. Unlike compulsory liquidations a CVL is initiated by company directors and therefore this action gives you more control over the closing down process.
It may be the case that your company is technically insolvent or you can no longer afford to meet the terms of credit repayment agreements. A creditors' voluntary liquidation effectively ends your responsibilities and uses the remaining assets of the company to pay off your creditors. The assets are sold to the highest bidder – and that could be you. Part of our established process of implementing a creditors’ voluntary liquidation is helping you explore the options to recover your business.
At McTear Williams & Wood our expertise in business turnaround could still help you recover your business if you act quickly. See our top 10 frequently asked questions on creditors' voluntary liquidation here.
The liquidation process
At McTear Williams & Wood Limited we follow a proven step by step procedure to quickly and efficiently manage the liquidation of your company during a creditors' voluntary liquidation.
- Appointment and assessment – in the first instance you will work with one of our associates or directors to understand the challenges of your current financial situation.
- Turnaround and rescue evaluation – McTear Williams & Wood can start to structure a business recovery plan that restructures your capital and we can help secure additional finance to fund a turnaround.
- Extraordinary general meeting – should the company need to be wound up a meeting of the creditors is called to begin the formal process of winding down the business.
- Act as liquidator – finally we can take an appointment as liquidator in the liquidation to arrange a fast and efficient sale of your assets and business.
Find out more in one of our easy to read guides:
Selling to a connected party
Directors are legally permitted to buy back their business and assets in a creditors’ voluntary liquidation. At McTear Williams & Wood we are able to provide you with advice and support on how to purchase your business after a CVL and start trading again. If you are looking at liquidating your company? Call us today on 0800 331 7417
