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Creditors Voluntary Liquidation (CVL)
You may have heard of Company Liquidation. If you have tried to keep your company going but despite your efforts the company is not able to pay its bills when due then you may want to consider a type of Liquidation called a Creditors Voluntary Liquidation.
A Creditors Voluntary Liquidation or ‘CVL’ is the most common route to take when closing an insolvent company.
Any retrospective debts under the company name that are not personally guaranteed can be written off within the Creditors Voluntary Liquidation process.
Being able to ring-fence and wipe out old company debt is a huge benefit to companies that may be struggling financially and the Directors may wish to start again as a Sole Trader or with another Limited Company, debt free! The Creditors Voluntary Liquidation process can be over in a matter of weeks depending on the complexity of the situation but in most cases it is not as complicated as our clients initially think.
Selecting the right Insolvency Practitioner to finalise the Creditors Voluntary Liquidation can be critical – especially when HMRC are involved as the Creditors can object to your appointment of Insolvency Practitioner and have increased powers following recent legislation changes.
We will place you with the most appropriate Insolvency Practitioner to complete the Creditors Voluntary Liquidation for your company in terms of best fee and geographical location within the UK at no extra cost to yourself. We also have Insolvency Practitioners that have departments that communicate directly with HMRC on a regular basis and as such have very good relationships with HMRC.
In summary, if your company is struggling financially and you are concerned about being able to pay bills on time then you should seek advice straight away. However, if you have an Insolvent company and you are at the stage where you believe there is little option but to close the company down then you should contact us about processing a Creditors Voluntary Liquidation.
We do not double bill and all Liquidation fees are fixed and will not rise throughout the Creditors Voluntary Liquidation process.
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