Creditors’ Voluntary Liquidation
A Creditors’ Voluntary Liquidation occurs when a business is no longer able to pay its debts as and when they fall due, and the shareholders come to an agreement under a special resolution that the company is to be wound up. The company must be insolvent in order to perform a Creditors’ Voluntary Liquidation. Once a company becomes insolvent it may be the only option to satisfy the debts in a feasible manner, without waiting for the liquidation to be appointed by the court which would result in an official liquidation.
When your company is insolvent, continuing to trade is not an option; a Creditors’ Voluntary Liquidation can help you realise your assets and liquidate them to meet the demands of your creditors. Electing to liquidate voluntarily can help to prevent lengthy legal cases and heavy tax penalties.
Insolvency Advisory Accountants can help guide you through your company’s insolvency and help put you back on the path to financial stability today. Our services come with a free, no obligation initial consultation to ensure we understand your financial situation and can recommend the best strategy to get you out of debt as soon as possible.