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Company voluntary arrangements
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Liquidation
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Liquidation - Company Voluntary Arrangements (CVA)
Liquidation should always be the last resort. It involves the sale of company assets in order to settle debts and finally the closure of the business.
Liquidation comes in two forms. A voluntary liquidation (creditor's voluntary liquidation) is brought about by the company itself and is administered by a qualified Insolvency Practitioner. A compulsory liquidation is brought about by an order of the Court and can be conducted by the Official Receiver or an Insolvency Practitioner.
Any creditor owed at least £750 (often HM Revenue & Customs) can petition the court via a winding up order. Compulsory liquidation can be more damaging to the company and directors; it should be avoided at all cost.
Got questions? What are Company Voluntary Arrangements (CVAs)? What is liquidation? How do you start a Company Voluntary Arrangement? Call Madison Financial and speak to one of our experienced debt experts on 0161 713 1883
Liquidation comes in two forms. A voluntary liquidation (creditor's voluntary liquidation) is brought about by the company itself and is administered by a qualified Insolvency Practitioner. A compulsory liquidation is brought about by an order of the Court and can be conducted by the Official Receiver or an Insolvency Practitioner.
Any creditor owed at least £750 (often HM Revenue & Customs) can petition the court via a winding up order. Compulsory liquidation can be more damaging to the company and directors; it should be avoided at all cost.
Got questions? What are Company Voluntary Arrangements (CVAs)? What is liquidation? How do you start a Company Voluntary Arrangement? Call Madison Financial and speak to one of our experienced debt experts on 0161 713 1883
