Voluntary Liquidation ("CVL")
This occurs where
the shareholders, usually at the directors' request, decide to put
a company into liquidation because it is insolvent. Either the
company cannot pay its debts as they fall due or it has more
liabilities than assets.
The purpose of the
liquidation is to appoint a responsible person who has a duty to
collect the company's assets and distribute them to its creditors
in accordance with the law. That person is the liquidator who must
be a licensed insolvency practitioner.
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