Creditors’ voluntary liquidation
There may be better options if your company is under threat of liquidation. Before you consider closing down your company talk to McTear Williams & Wood to understand your choices.
Last Updated: 07/02/2025
Are you looking to liquidate your company?
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 giving 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 company’s remaining assets 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.
Selling to a connected party
Directors are legally permitted to buy back their business and assets in a creditors’ voluntary liquidation.
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 to liquidate your company call us today.
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.
Director
Norwich office contact details:
- 01603 877851
- 07944 433026
- hayleywatson@mw-w.com
- Prospect House, Rouen Road, Norwich, NR1 1RE
Cambridge office contact details:
- 01223 903020
- Nine Hills Road, Cambridge, CB2 1GE
Understand your financial options
Check the health of your business with our free business health check tool.
Get an indication as to whether your company has what it needs to survive.
Includes:
-Company health assessment
-Types of liquidation available
-Options & next steps
*All information provided is completely confidential and will not be shared with a third party
Free advice line for distressed company directors > 08003317417
BUSINESS RESCUE & INSOLVENCY SPECIALISTS
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The liquidation process
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 a 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 covering Liquidations and Creditors Meetings.
How can we help - Book a free 1-2-1
If your company is struggling with unmanageable debts, decreased cashflow or concerns about about your company’s future, we can assess your situation and provide you with tailored solutions and options.
During your free initial advice meeting, we will discover a true picture of your company’s financial situation
and offer practical and expert guidance on your next steps.
Initial meetings can be held at our office or your premises and are completely confidential.
There is no charge for this meeting – charges only apply if and when terms of engagement have been agreed.
