A creditors voluntary liquidation process is appropriate for companies that are insolvent, i.e. cannot pay their liabilities as and when they fall due. Increased creditor pressure or cash flow difficulties are key indicators of an insolvent business.
Key advantages of a CVL process:
- Remove creditor pressure quickly.
- Receiving CCJs or debt collection letters? A CVL prevents further legal action.
- Claim redundancy and other statutory entitlements from the government.
- Looking to start again? We can work with you to ensure that if you have a new company incorporated for future trade and not fall foul of the various insolvency restrictions.