Creditors Voluntary Liquidation
Creditors Voluntary Liquidation (“CVL”) is appropriate for an insolvent company that needs to be closed down.
The initial decision is made by the director(s) and the shareholder(s) to make the appointment of the Liquidators which is then ratified by creditors at a meeting.
A CVL cannot occur if an application has been made for a winding up Order to put the Company into Official Liquidation.
With a CVL the director(s) and shareholder(s) decide who the Liquidator will be, subject to approval by creditors.
A CVL can be implemented usually within one (1) day and avoids the costs of Court applications.
WA Insolvency Solutions specialises in the conduct of CVL’s and are market leaders in WA for this type of liquidation. In 2012 / 2013, WA Insolvency Solutions undertook nearly twice as many CVL’s as our nearest competitor (source: ASIC Insolvency Notices).
For further information regarding CVL’s please contact our office.
Whether you are looking for help with your company, business or personal affairs, we can help you find a solution for your financial problems.