If you think that your company is in trouble then there are many sources of help for you to rectify matters and to protect your own personal assets while at the same time saving your business. This is true even if your company is in a huge amount of trouble and you can see  Creditors Voluntary Liquidation no way out. On way to do this is through a company voluntary liquidation. It is often also called creditors voluntary liquidation or CVL, as it involves the creditors, at a meeting, voting that the company should go into liquidation.

It could be seen that a CVL is the end of a business, and indeed it is often known as a burial process. But, in fact, the closing of one company is an opportunity to save a business whilst closing a loss performing shell and starting a new going concern.

It is now quite a common occurrence for a pre-pack sale of the business to be considered if at all possible. This has the effect of preserving assets and jobs which, in the light of this country's current economic difficulties, will be important. Directors will continue to be able to draw their salary and shareholders will continue to be able to benefit from their dividends without interruption throughout the transition period. Employees and suppliers, similarly, need not even notice that any change has occurred at all.

The process of a company voluntary liquidation is quite straightforward. A statement of affairs is prepared and circulated to creditors. They are invited to a meeting, where it will be proposed that the company is liquidated and a liquidator appointed. Notice of this meeting must be at least two weeks in advance. Very often these days, creditors simply do not attend, but hey may send a proof of debt and a proxy voting form by post or fax prior to the meeting itself.

Large creditors with good connections may be able to get a representative from a large accountancy firm to come to the meting. This so-called 'meeting man' will ask Creditors Voluntary Liquidation  pertinent questions of the directors as to why the business has failed, but this is really all for effect, as the closing of the business will be, of necessity, a formality.

If the assets of the business have been pre-sold, an explanation of why will be given at this time. The new company will rise from the ashes of the old and the wealth and stability that stems from this continuity will be of benefit to everyone.