Creditors’ voluntary liquidation (CVLs) is a process available to directors when a company is insolvent and there is no option other than to cease trading.
The assets are realised and sold, employees are made redundant, and creditors are paid a dividend where possible.
A company is insolvent if:
i) its liabilities are greater than its assets, or
ii) it cannot meet its debts as and when they fall due
The directors resolve that a shareholders’ meeting be held at which the company is placed into liquidation with 75% shareholder approval, with the creditors having the final choice on the nomination of a liquidator.
Our expert insolvency practitioners are happy to assist and advise you on the financial viability of your company at a free, no-obligation meeting.
Dean Nelson, Nicholas Lee, Michael Roome, Brett Barton, Andrew Stevens and Emily Oliver are all licensed in the United Kingdom to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales. Brett Barton is licensed by the Insolvency Practitioners Association to act as an insolvency practitioner. They are bound by the Insolvency Code of Ethics which can be found here.
When acting as Receivers or Administrative Receivers, they act as agents only, without personal liability. In an Administrator role, the affairs, business, and property of the company are managed solely by them.
During appointments, they are Data Controllers of personal data as defined by the Data Protection Act 1998 and the General Data Protection Regulations 2018. PKF Smith Cooper act as Data Processor on their instructions. Personal data is kept secure and processed only for matters relating to the appointments that they take. For further details, see the firm’s Privacy Policy.
