A Company Voluntary Liquidation needs to be carefully done; do you have the right advice?
If you think that your company is in trouble then we may be able to advise you on the effects of a company voluntary liquidation. It is often also called creditors voluntary liquidation or CVL, as it involves the creditors, at a meeting, voting that the company should go into liquidation.
It could be seen that a company voluntary liquidation in London is the end of a business, and indeed it is often known as a burial process. We look at matters slightly differently however, in that we see the closing of one company, as an opportunity to save a business whilst closing a loss performing shell and starting a new going concern.
It is now a common occurrence for a pre-pack sale of the business to be considered if at all possible. This has the effect of preserving assets and jobs which, in the light of this country’s current economic difficulties, will be important.The process of a company voluntary liquidation is quite straightforward. A statement of affairs is prepared and circulated to creditors. They are invited to a meeting, where it will be proposed that the company is liquidated and a liquidator appointed. Notice of this meeting must be at least two weeks. Very often now, creditors simply do not attend. They may send a proof of debt and a proxy voting form by post or fax prior to the meeting. Large creditors with good connections may be able to get a representative from a large accountancy firm to come to the meting. This “meeting man” will ask pertinent questions of the directors as to why the business has failed, but this is really all for effect, as the closing of the business will be a formality.If the assets of the business have been pre-sold, an explanation of why will be given.
We have the resources to be able to meet you anywhere in the country that you require and can begin the process on a timetable to suit you.
If you would like to talk about company voluntary liquidation in London to a specialist with many years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.
However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.
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