Liquidation:  How Opus Business Rescue can help you

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What is the process

A Guide to Liquidation

A company enters into liquidation by either action taken by the directors and shareholders, which is known as a Voluntary Liquidation, or through a court process where a Winding Up Order is made, which is known as a Compulsory Liquidation. There are two types of Voluntary Liquidation processes:

  1. A Creditors’ Voluntary Liquidation (CVL) which is where the company is insolvent and cannot pay its debts. A CVL is a director led process whereby the shareholders place a company into Liquidation to facilitate an orderly wind up of the company’s affairs. The decision to initiate a CVL process is usually when the company has run out of cash, it is unable to pay its debts, or the directors believe that the business is no longer viable.
  2. A Members Voluntary Liquidation (MVL) is where the company is solvent and a distribution can be made to shareholders.  There are other circumstances where an MVL may be appropriate even if there is no distribution to shareholders.  To find our more information on MVL’s, click here.

The CVL Process

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What is the process

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