Creditors’ Voluntary Liquidation
Creditors’ voluntary liquidation (or CVL) occurs where the shareholders, usually at the directors’ request, decide to put a company into liquidation because it is insolvent. The creditors can appoint a liquidator of their choice.
The CVL is the most common way for directors and shareholders to deal voluntarily with their company’s insolvency; however the company will cease to exist and all the assets, including the good will, plant, machinery and book debts will be sold, if possible, for the benefit of creditors.
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