CVL
Are you struggling to pay your company’s debts and liabilities and is creditor pressure causing you stress? Are you currently trading at a loss?
It could be time to close down your company through a Creditors Voluntary Liquidation (CVL).
- Award Winning In-House Team
- 20 Years of CVL Experience
- Cost Effective Solutions
- CVL Made Simple
Why a CVL?
A CVL is a formal process of closing down an insolvent company. Facing the closure of your company can seem daunting, especially when you have outstanding debts and liabilities, but sometimes it is the best option.
By instructing the Liquidation Centre to commence your company’s Creditors Voluntary Liquidation you can immediately ease the pressure from creditors and help avoid certain legal actions being taken. The liquidator will carry out an investigation into your company’s affairs and ensure that any company assets are liquidated and distributed fairly across all your creditors.
At the Liquidation Centre, we always keep the process simple and understandable from start to finish.
Are you...
Trading at a loss?
Struggling to balance assets and liabilities?
Unable to pay your outstanding debts?
No longer trading but have outstanding liabilities?
Unable to save your company?
If you have answered yes to any of the above, then the Liquidation Centre can help. The whole CVL can take 12 months+ so it’s important to cease trading and get started as soon as possible with the CVL liquidation process.
Don’t ignore the issues.
Whilst it may seem easier to ignore the problems, by continuing to trade through an insolvent company in ignorance you are failing to adhere to your duties and responsibilities as a Director. This puts you at risk of allegations of wrongful trading which can result in legal action being taken against you.
Contact one of our in-house liquidation specialists now to discuss your circumstances. We are here to keep liquidations simple.
Keeping things simple with a Liquidation Centre CVL.
You are unable start a CVL process without instructing an Insolvency Practitioner (IP) to carry out the process.
The IP will always ensure that your CVL process is carried out in a professional manner.
Whilst working as your IP, we will always ensure that we keep you informed every step of the way to give you peace of mind that your company will be liquidated with the least amount of stress possible.
As your company's liquidator, the Liquidation Centre will:
Carry out a full investigation into your company’s financial affairs
Take control of all creditor claims
Value all your company assets and convert them into cash for distribution between creditors
Deal with any legal proceedings
Ensure your company is closed in full compliance with legal requirements
Our award-winning CVL process is simple and can relieve you from the pressures of owning an insolvent company.
If you are ready to speak to one of our in-house liquidation specialists, then contact us now and get freedom from the pressure of mounting debt.
What are the benefits of a CVL?
By using a Creditors Voluntary Liquidation to close down your limited company you are able to ensure a controlled and orderly process. A CVL offers fast relief from creditor pressure and legal action.
The liquidator will take over all creditor, bank and HMRC communications for you and ensure that any assets are fairly valued, converted into cash and shared amongst your creditors.
A CVL is not the only option for your insolvent company. It is important that you professional expert advice on all the options available to you. The Liquidation Centre can provide you with the advice and guidance you need to make the right decision.
What is the cost of a CVL?
Your specific company circumstances will determine the overall cost of your Creditors’ Voluntary Liquidation.
Pre appointment costs with a reputable CVL company will start at approximately £3,000 +VAT.
If you would like to learn more about the costs involved in a CVL through an experienced CVL company visit how much does a CVL cost?
What happens during a CVL?
Remember that by ignoring your company’s insolvency you could make your situation worse. You can begin your CVL online by simply contacting one of our in-house liquidation experts today.
STAGE 1
Directors Board Meeting
- Decision to discuss a CVL as a liquidation option with an IP
- Meeting called to vote on CVL – a majority must be in favour to proceed
- Decide on IP to carry out the CVL process.
STAGE 2
Notices for shareholders’ meeting and creditors’ decisions
- Notice sent to creditors and shareholders about the decision to liquidate
- Invitation sent to creditors for a meeting
- Statement of affairs distributed with details of financial status
- Information of chosen IP shared
STAGE 3
Decisions made
- Shareholders resolve to start liquidation and appoint a liquidator
- Creditors confirm the appointment or appoint an alternative liquidator if desired.
STAGE 4
Liquidation begins
- IP starts CVL process – asset realisation, company investigations, handling of legal disputes, manage redundancies.
- Reporting and notices sent to Companies House and creditors about the liquidation process.
STAGE 5
Liquidation ends
- Final accounts sent to creditors and later filed at Companies House.
- Usually 3 months’ later, company stuck off the Companies House register.
Remember that by ignoring your company’s insolvency you could make your situation worse. You can begin your CVL online by simply contacting one of our in-house liquidation experts today.