Scotland: process to enter creditors’ voluntary liquidation (CVL)
Produced in partnership with Tim Cooper of Addleshaw Goddard
Scotland: process to enter creditors’ voluntary liquidation (CVL)

The following Restructuring & Insolvency practice note produced in partnership with Tim Cooper of Addleshaw Goddard provides comprehensive and up to date legal information covering:

  • Scotland: process to enter creditors’ voluntary liquidation (CVL)
  • Scottish Insolvency Rules 2018
  • Coronavirus (COVID-19)
  • CVLs in Scotland
  • Law applicable to Scottish CVLs
  • Procedure
  • Members’ resolution
  • Notice of intended CVL resolution to floating charge holders
  • Appointment of liquidator
  • Statement of affairs
  • More...

Scotland: process to enter creditors’ voluntary liquidation (CVL)

This Practice Note is concerned with the commencement of creditors’ voluntary liquidations (CVLs) as set out in the Insolvency Act 1986 (IA 1986), Part IV and the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (ISRWUP Rules 2018), SSI 2018/347, Part 4.

This Practice Note does not cover the commencement of members’ voluntary liquidations (MVLs) in Scotland or the applicable law, procedure and practice once a CVL has been commenced and approved by creditors, through to exit and dissolution.

Scottish Insolvency Rules 2018

The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, SI 2018/1082 and ISRWUP Rules 2018, SSI 2018/347 together referred to as the ‘2018 Rules’, came into force on 6 April 2019. The content of this Practice Note has been updated to reflect the application of the 2018 Rules. This Practice Note does not address any transitional provision as may be applicable, on the assumption that there will be few cases remaining for which the transitional provisions are relevant. Further information on the changes, see:

  1. Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, LNB News 15/10/2018 111

  2. Insolvency (Scotland) (Receivership and Winding up) Rules 2018, LNB News 15/11/2018 7

  3. New insolvency rules for Scotland—what the changes will mean

  4. New changes under the Insolvency (Scotland) (Receivership and Winding up) Rules 2018

Coronavirus (COVID-19)

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