How do I put my company into a CVL?
There are a number of steps involved for placing a company into Creditors Voluntary Liquidation (CVL) outlined throughout this post, including minimum requirements to qualify for a CVL.
Before deciding to place your company into CVL, it’s best to meet with a qualified insolvency practitioner to talk through all of your options. Reach out with a no obligation conversation to explore your options.
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Why choose Moore Recovery?
We’re a small, local office, staffed with friendly, knowledgeable people. We’ve been here for 35 years, with a great reputation for quality service. We take time to explain the process and documentation and remain in contact with you throughout the process.
Does my company qualify for a CVL?
Yes, if it cannot pay its debts as they fall due.
We have written a full guide to help you understand what a CVL is, and all of the information you may need to understand the pros and cons of a CVL.
Additional information may also be found through the Director Information Hub GOV.UK page, which can be found here.
What does the CVL process entail?
In brief terms:
- A board meeting is held by the Directors at which it is resolved that the company is insolvent and needs to enter into liquidation;
- At the board meeting a Statement of Affairs is signed by the Directors, along with a notice to creditors detailing the proposed liquidation and chosen liquidators;
- The proposed liquidators issue a letter to creditors and/or employees giving notice of the liquidation, and inviting them to submit their claim and vote on the proposed liquidators’ appointment;
- After 14 days, the company enters into liquidation and liquidators are appointed;
- The appointed liquidators take it from here. The Directors no longer have control of the company, and all correspondence from creditors should be sent to the liquidators;
- The liquidators’ job is then to realise any assets for the benefit of creditors. If there are none, they will meet their statutory duties as liquidators and eventually proceed to close the case. The company’s status will move to dissolution at Companies House shortly thereafter.
How do I put my company into CVL (Creditors Voluntary Liquidation) with Moore Recovery?
If you’d like to put your company into CVL, contact a member of our team on 01782 201120. We’ll let you know what information we need, provide a quote for our services, liaise with your accountant if you want us to, and prepare the paperwork for you. We’ll then set a convenient date for you to sign the paperwork, either remotely or in person.
Thereafter, we’ll handle the rest.
