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At Roger and Carson, we understand that resolving complex insolvency situations is stressful and overwhelming. To make matters a little easier, Creditors’ Voluntary Liquidation (CVL) has been established to terminate the company’s activities properly and timely.
Our dedicated team has years of experience in CVLs, and we utilise it to develop innovative solutions for business rescue and turnaround strategies.
At Roger and Carson, we start with a thorough consultation to understand the company’s current situation. After the assessment, we decide on the best course of action.
Once the decision of a CVL is made, the company directors pass a resolution to close down the establishment voluntarily. This resolution is then passed on to the shareholders, who must approve it before proceeding further.
When both the directors and the shareholders support the decision of a CVL, an insolvency practitioner from Roger and Carson is appointed as a liquidator. He/she will then take control of the company’s workings and assets from the board of directors.
Upon the conclusion of the creditors’ meeting, the liquidator starts the process of identifying and selling the company’s assets to pay the creditors their dues.
Once the liquidation process is complete, the company is then formally dissolved.
CVL allows the company’s directors and shareholders to terminate the workings in an orderly and proceeding manner and clear all the debts systematically.
When a CVL process starts, the creditors come forward to protect the company from legal actions in order to allow the liquidation process complete without any hassle.
The Directors appoint a Liquidator rather than the court ordering for it in compulsory liquidation initiated by the creditors
There have been instances where some parts of the business can be sold or restructured, allowing for a fresh start under new ownership.
We’re here to help you close your company efficiently. Call us today to explore your options.
book with us nowContact Roger and Carson today if you’re considering a CVL for your company. Our experienced team is always there to help you in closing your company with confidence and peace of mind. Let us help you take the next step towards a fresh start.
CONTACT US TODAYCreditors' Voluntary Liquidation (CVL) is an insolvency process started by the directors of an insolvent company. It involves bringing an end to the company’s affairs, liquidating its assets, and distributing the proceeds to creditors.
If your company is unable to pay its debts or its liabilities exceed its assets, it may be insolvent. In such cases, a CVL is considered the best course of action to address the financial situation and maximise returns to creditors.
Employees are usually made redundant as part of the CVL process. They may be entitled to claim for unpaid wages, holiday pay, and redundancy from the government’s Insolvency Service.
The duration of a CVL can vary depending on how complex the company’s affairs are. Typically, the process can take several months to over a year, from initial consultation to final dissolution.
Yes, directors can start a new business after a CVL. However, certain restrictions exist if you want to use a similar company or trade name.
The costs of a CVL include fees for the insolvency practitioner and other administrative expenses. These costs are typically paid from the company’s assets before any distributions to creditors.