What's the Difference Between Striking Off a Company and Liquidation? When closing your company, you have two main options: striking off or liquidation. These processes serve different purposes and have distinct requirements. Striking off is suitable for companies without outstanding debts or legal issues. The process takes about three months, during which your intent to [...]
Eligibility Criteria for Striking Off a Company: Do You Qualify? Essential Requirements Explained To qualify for a voluntary strike off, your company must meet specific criteria related to trading status and financial obligations. These requirements are designed to ensure that the process is carried out properly and legally, protecting the interests of creditors, shareholders, and [...]
What Happens to Company Assets After a Strike Off? Exploring the Aftermath for Business Property When a company is struck off the register, it ceases to exist as a legal entity, leaving many business owners wondering about the fate of their company's assets. In this article, we at Anderson Brookes, a firm of licensed insolvency [...]
CVL Costs Facing the prospect of liquidation can feel like the end of the road for your business, but it doesn't have to be the end of your career or financial future. A Creditors' Voluntary Liquidation (CVL) offers a structured way out while also helping you manage personal liability. If you're struggling with mounting debt, [...]
Common Misconceptions About Liquidation - Separating Fact from Fiction in Company Voluntary Liquidation (CVL) Understanding What A CVL Really Is Creditors' Voluntary Liquidation (CVL) is a formal insolvency procedure that allows insolvent companies to wind up their affairs voluntarily. Let’s separate fact from fiction regarding CVLs. In this article, we will explore common misconceptions about [...]
Creditors Voluntary Liquidation FAQs: Essential Information for Business Owners What Is Creditors' Voluntary Liquidation (CVL)? Creditors' Voluntary Liquidation (CVL) is a formal process for closing an insolvent company. It's initiated by the directors when they recognise the business can no longer pay its debts. In a CVL, at least 75% of shareholders must agree to [...]
CVL vs. Compulsory Liquidation: Key Differences Explained - Understanding Corporate Insolvency Processes Overview Of Liquidation Types And Their Significance Liquidation is the process of winding up a company's affairs and dissolving it. There are three main types of liquidation in the UK, each serving different purposes and situations. Creditors' Voluntary Liquidation (CVL) is the most [...]
CVL vs Company Dissolution: Key Factors to Consider When Winding Up Your Business What Is Creditors' Voluntary Liquidation (CVL)? Creditors' Voluntary Liquidation is a formal process for insolvent companies to wind up their affairs. It allows directors to take control of the liquidation process whilst fulfilling their duties to creditors. It is a legal procedure [...]
Can Directors Be Held Personally Liable in a CVL? Understanding Legal Consequences in Creditors' Voluntary Liquidation Personal Liability In The Context Of CVL Can Directors Be Held Personally Liable in a CVL? The quick answer - yes! Directors, however, typically enjoy protection from personal liability in a Creditors' Voluntary Liquidation (CVL). However, certain circumstances can expose [...]
What Is a Winding-Up Petition? A winding-up petition (WUP) is a formal legal request made by creditors to liquidate a company that owes them money. Typically, creditors take this step as a last resort when other methods of debt recovery have failed. The petition is reviewed by the court, and if accepted, a winding-up order [...]