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).
- Over 25 years of CVL experience
- Award-winning, in-house insolvency team
- Cost-effective simple pricing
- Honest advice without pressure
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.
Signs a CVL might be right for you
Your company owes more than it owns
You've stopped trading due to unpaid debts
Creditors or HMRC are chasing for payments
You're struggling to keep the company afloat
If any of these sound familiar, it's worth speaking to us for free advice about the options available to you.
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 cannot start a CVL process without instructing an Insolvency Practitioner (IP) to carry it out.
The IP will always ensure that your CVL process is carried out professionally.
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.
We support you during liquidation by:
Communicating with creditors so you don't have to
Examining your company's financials and report to creditors
Once the liquidation has started, selling any remaining assets to settle debts as far as possible
Dealing with any legal proceedings
Ensuring your company is closed down fully and compliantly
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 can 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 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 seek professional expert advice on all the options available to you. The Liquidation Centre can provide 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 from an experienced CVL company, visit How Much Does a CVL Cost?
What happens during a CVL?
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 are sent to creditors and later filed at Companies House.
- Usually, 3 months later, the company is struck off the Companies House register.
How we’ll help
If your company is insolvent, delaying the decision to start a CVL could make your situation worse. We’ll manage the entire process, from speaking with creditors to filing all the necessary paperwork. Our team is here to make the process simple and guide you every step of the way.
Accepting the business needs to close is the hardest step, but it’s also the easiest way to relieve your stress and settle creditor pressure.