If your business is facing financial difficulties or nearing insolvency, company liquidation might be the best option.
Emerald can guide you through the basics of liquidating your company yourself and help you select the right Licensed Insolvency Practitioner.
Main Liquidation Processes:
Creditors’ Voluntary Liquidation (CVL):
Used when a company is insolvent and unable to pay its liabilities.
Directors lead the process, involving creditors throughout.
Members’ Voluntary Liquidation (MVL):
Applicable when a company is solvent, but the directors decide to close it down.
Emerald will explain these options and provide tips to ensure a smooth process, alleviating stress related to debts and creditor pressure.
By understanding the differences between CVL and MVL, you can make a more informed decision about which path to take.
Whether your company is struggling to pay its debts or simply looking to wind down operations, knowing the right liquidation process can help mitigate risks and streamline the procedure with the Insolvency Practitioner and creditors.