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Members Voluntary Liquidation
(MVL)
An MVL is suitable when the directors of a company believe that the company is solvent but they no longer wish for the company to trade. This may be for a wide range or reasons such as cleaning up corporate structures, following an acquisition, retirement, restructuring the tax position, etc.
It is appropriate if the company has sufficient assets to be able to pay all of its creditors in full (together with all costs) the liquidation is referred to as a solvent liquidation, or Members Voluntary Liquidation.
Our team will work with you and guide you thorough the process required
Creditors Voluntary Liquidation
(CVL)
A CVL may be appropriate when the directors and or shareholders recognise that the business cannot pay its debts and decide to put the company into liquidation due to the fact it is insolvent. In doing this a licensed Insolvency Practitioner is appointed as the Liquidator of the company whose prime duty is to collect in the assets of the company and distribute them to the company’s creditors.
The Liquidator has a duty to look into the conduct of the company directors to ensure that they have acted properly. With CVL the company will normally cease to trade immediately, the assets are realised and employees dismissed. Where it may be possible to trade out of the situation, other insolvency procedures such as Company Voluntary Arrangement or Administration may be more appropriate.
When facing financial pressures prompt and effective action is vital. Our team of specialists are here to guide you through the options and recommend the most appropriate actions.
Compulsory Liquidation
A Compulsory Liquidation is a court process. The court will make an order for the company to be wound up following a presentation presented by either the company, the directors, any creditor(s), a contributory or contributories or by all of these parties together or separately.
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