If your company’s debts have become unmanageable and pressure from creditors has reached tipping point, it can be overwhelming.
In these circumstances, a CVL may be the solution to your company’s financial difficulties.
An MVL is, in essence, the liquidation of a company that is solvent.
A company is solvent by definition if it has assets sufficient enough to settle all liabilities in full plus statutory interest.
When a company is insolvent and facing serious threats from Creditors it may enter into Administration.
Licensed insolvency Practitioners are appointed by either the company, the Directors, or by a direct application to the Court. During this process the company is protected from Creditor’s taking any enforcement action.
Compulsory Liquidation sees company assets being sold involuntarily, staff being made redundant and the ultimately being struck off the register.
Compulsory Liquidation is generally the least favourable insolvency process and best avoided if possible.
If a situation arises where raising finance isn’t possible, your business is no longer viable and you have personally guaranteed money to creditors, one option available is bankruptcy.Read more
If refinance isn’t the right solution for your problems, or you can’t find a lender prepared to offer the facilities you need to avoid bankruptcy, one possible solution is to enter an Individual Voluntary Arrangement (IVA).Read more
If you are already a client of Path Business Recovery you can access your case file here.Get in touch
The Creditor's Guide is an online resource to assist you through the process.Guide to fees