SERVICES FOR MY BUSINESS
CREDITORS VOLUNTARY LIQUIDATION

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.