Creditors' Voluntary liquidation.
A Creditors’ Voluntary Liquidation process is designed to help successfully realise and liquidate company assets in order to satisfy the needs of creditors. Creditors’ Voluntary Liquidation (also known as CVL) usually begins when company shareholders voluntarily agree to liquidation or when creditors agree to proceed with liquidation as a result of voluntary administration. The company must be insolvent in order to perform a Creditors’ Voluntary Liquidation.
When your company is insolvent, continuing to trade is not an option; a Creditors’ Voluntary Liquidation can help you realise your assets and liquidate them to meet the demands of your creditors. Electing to liquidate voluntarily is often the most efficient way to dissolve an insolvent company, and directors are likely to pursue this option rather than wait for a court-ordered liquidation and risk appearing unresponsive to insolvency, which may result in penalties under the Corporations Act 2001 (Cth).
SM Solvency Accountants can help guide you through your company’s insolvency and help put you back on the path to financial stability today. Our services come with a free, no obligation initial consultation to ensure that we understand your financial situation and can recommend the best strategy to get you out of debt as soon as possible.
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