Have you received threats from creditors to put your company into compulsory liquidation, force you out of business or windup your company? Are you considering voluntary winding up your company or wanting to stop this from happening? Whichever, we are here to help you.
When it comes to liquidation, there are three different options
All three of these procedures make up part of the Insolvency Act 1986. They have the other set of rules, regulations and uses.
Creditors Voluntary Liquidation (CVL)
Creditors Voluntary Liquidation is the voluntary winding up of a company that can no longer afford to pay its debt and is insolvent on a cash flow or balance sheet basis.
Members Voluntary Liquidation (MVL)
Members Voluntary Liquidation is the voluntary winding up of a company that is no longer trading, and funds need to be distributed to shareholders once all creditors have been settled. This is used as a tax efficient way to close a company as long as the shareholders qualify for entrepreneur’s relief.
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