OVERVIEW

A Creditors Voluntary Liquidation – otherwise known as a CVL – occurs when the directors and shareholders of a company resolve that that company is insolvent and its affairs should be wound up.

Most commonly referred to as Business Liquidation, a Creditors Voluntary Liquidation is a fast and effective strategy to deal with a company that can no longer pay its debts – including amounts owing to the ATO – and assists directors in complying with their statutory duties.
The team at Rapsey Griffiths can assist companies through this process with unrivalled professionalism and efficiency. We offer advice to ensure no stone is left unturned. In some cases, it is now possible to avoid personal liability under a Direct Penalty Notice issued by the Australian Taxation Office by the use of a Creditors Voluntary Liquidation. So having guidance from a team in-the-know is invaluable.

What to expect from a Creditors Voluntary Liquidation

A Liquidator is appointed by the company’s shareholders or creditors and does the following:

  • Secures and realises the company’s assets.
  • Distributes the proceeds of asset realisation to creditors.
  • Investigates and reports the company’s affairs to creditors.
  • Applies for deregistration of the company on completion
  • Enquires into the failure of the company and possible offences.
  • Applies for deregistration of the company on completion of the liquidation.

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THE RAPSEY GRIFFITHS DIFFERENCE

WE TURN THINGS AROUND
WE TURN THINGS AROUND

Where possible, we’re committed to ‘turning around’ businesses. If that’s not viable, we act swiftly to mitigate losses

WE ARE PROBLEM SOLVERS
WE ARE PROBLEM SOLVERS

We work with you to find the best possible solution for everyone involved.

WE ARE EXPERIENCED AND REGISTERED
WE ARE EXPERIENCED AND REGISTERED

As Registered Liquidators and Registered Trustees in Bankruptcy we have the expertise and authority to act.

WE ARE CLEAR COMMUNICATORS
WE ARE CLEAR COMMUNICATORS

You can count on us to remove uncertainty and provide expert commercial advice in a timely manner.

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OUR INFO

PHONE
1300 727 739
FAX
(02) 4926 8888

MAIL
PO Box 613,
Newcastle NSW 2300