Creditors’ Voluntary Liquidation offers important benefits for creditors and directors, including:
Meeting your legal obligations to creditors
Once a company enters insolvency director duties change and the interests of creditors take precedence over those of the business. Fulfilling your legal duties is essential to avoid serious issues such as personal liability.
If you work for the company under a contract of employment you may be eligible to claim redundancy pay. This could be used to fund the CVL process, repay some of the company’s debts, or support your financial position following the loss of your business.
For more information on closing a limited company with outstanding debts, please get in touch with our expert team. Company Closure offers free consultations and can ensure you take the correct route in closing your company.