Creditors’ Voluntary Liquidation offers you a way to close your company if it still owes creditors. It’s an official process conducted by a licensed insolvency practitioner, and along with compulsory liquidation, is the only way to close down an insolvent company legitimately.
Compulsory liquidation means that a creditor has forced you to stop trading, however, which is a situation you want to avoid at all costs. It shows that you’ve not prioritised your creditors, which is your legal duty as the director of an insolvent company.
Another significant benefit of entering CVL is the potential eligibility to claim director redundancy pay. Our team at Company Closure can provide more details on this and establish whether or not you’re eligible.
We’ll provide tailored professional advice on how to proceed if your strike-off application has been stopped. Please get in touch to arrange a free consultation – we work from offices around the UK.