How Creditors Voluntary Liquidation Works and the Effect on the Business?

When a business is suffering from debts they cannot honour and creditors are demanding payment, the directors of the business are often in the position of having to consider liquidating the company. In some cases, creditors will have pe-ioned the court and forced the company into compulsory liquidation. However, if it hasn’t got that far, there is the option of a Creditors Voluntary Liquidation, or CVL.

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How Creditors Voluntary Liquidation Works and the Effect on the Business?