The following Restructuring & Insolvency guidance note Produced in partnership with Karl Anderson of 4 Stone Buildings provides comprehensive and up to date legal information covering:
The process by which a company may be voluntarily wound up when insolvent is referred to as a creditors’ voluntary liquidation (CVL).
A CVL is a voluntary process instigated by a board of directors calling a general meeting of the company for the members to consider a resolution to wind-up the company. It is often seen as an alternative to the company being wound up by the court on a petition presented against it, typically by a creditor. It should be noted that a creditor is unable to voluntarily wind up a company, as the process can only be init
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