CVL Liquidation Process and Procedure

1. Firstly you and your fellow directors will need to hold an extraordinary general meeting. The purpose of which is to invite all the company's shareholders to a meeting to inform them that as the directors you believe the company to be Insolvent and as is such you are unable to pay the company's debts as and when they fall due. As a director of the company we would recommend that you suggest to the shareholders that in order to avoid personal liability for the company's debts you are not prepared to take further credit and that your advice to the shareholders is to place the company into voluntary liquidation.
2. At the meeting a resolution should also be passed which confirms the company's intent to cease trading and nominations are heard for the role of liquidator.
3. The liquidator shall conduct a statement of affairs into the company and produce a report which is referred to as a directors report. The report is for the benefit of creditors and aimed at illustrating to creditors how the company got into the situation it currently is in.
4. The liquidator shall then advertise the liquidation in the London Gazette and write to all known creditors to inform them of what is happening. Hereafter it is normal for you as directors to stop receiving direct contact from your creditors as they most often liaise direct with the liquidator.

Role of the Liquidator

1. Principally the liquidator's purpose is to transfer the company's assets into cash
2. Establish what creditors are owed what
3. To investigate the actions of the company's directors.
4. Where possible to make dividend payments to creditors.

Please note the liquidator is under a legal duty to act in the interest of your creditors. We will never act as liquidators in closing down your company. We however offer a service direct to company owners to walk you through the process - we act in your interest and make sure that you do not became involved in some lengthy legal process resulting in personal liability of the company's debts.

We do not charge a fortune for our service as most people in this situation are in an extremely bad financial situation. We however charge you a fee not greater than 10% of the liquidator's fee. We will also make sure that the liquidator is on our preferred panel!!!