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. 

At McTear Williams & Wood, our licensed insolvency practitioners guide directors through every step of the CVL process, from the first signs of distress to the final closure of the business. We’ll also explore and exhaust whether recovery or rescue options are available first, so you can make the best decision for your situation.

We work with businesses of a certain scale, allowing us to provide the level of expertise and tailored support each case deserves, avoiding the one-size-fits-all approach adopted by some firms.