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What is a CVL? (Creditors Voluntary Liquidation)

When a company encounters severe cash-flow problems and is unable to settle its debts, then the recommended solution is for the directors and shareholders to decide to voluntarily close down the company using a CVA. The rules governing a CVA are detailed in the “Company Director Disqualification Act 1986” that ensures the directors abide by the rules governing an insolvent company.

A Case History
A brewery purchased an idyllic public house and invited a husband and wife team to buy the tenancy. This tenancy was managed by the couple’s limited company. It soon became clear within the first few months of trading that the anticipated business could not be sustained. We guided the couple through the process of legally closing down their limited company through the courts. After further investigations it emerged that the previous owners of the public house had made false declarations about the turnover, in order to achieve the sale price for the tenancy. Fortunately the brewery offered the couple the position of managers for the public house so they are now employees of the brewery.


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