Creditors Voluntary Liquidation Procedure

The Creditors Voluntary Liquidation Procedure with Insolvency.com is relatively simple.

Once the Company Directors are in decided that a CVL is the best way forwards then two meetings are called.  Both usually take place around an hour apart with a meeting of shareholders coming first and a meeting of creditors following on.

The meeting of shareholders will appoint the liquidator and the meeting of creditors confirm the appointment.  Prior to the two meetings some basic information regarding the company is prepared in readiness for presentation at the meetings.

Notice for the meetings in general terms must be at least 21 days although there are occasions when this may vary.  In order to start the Creditors Voluntary Liquidation Procedure a list of names and address of all outstanding creditors and current shareholders will be required.