If a company is insolvent and needs to be closed then typically the directors and shareholders will decide to take the company into a creditors voluntary liquidation (CVL). Otherwise known simply as “voluntary liquidation” this is where a licenced insolvency practitioner will be appointed as Liquidator (following resolutions passed firstly by shareholders and then by creditors) over the company.
We’re often asked about the difference between Liquidation and Administration and when one should be used over the other. Here we cover the main differences between the two formal insolvency procedures,
Directors often ask if they are allowed to start another company having previously had a business which entered into liquidation, or another insolvency procedure. This article explores the options and potential pitfalls in such a situation. In general terms there is nothing to stop a director from becoming, or continuing to be, a director of …
Directors of a limited company which has gone into liquidation are prohibited from being involved with companies which use the same, or similar, name in the future unless specific procedures are followed. This is covered under Section 216 of the Insolvency Act and a director needs to carefully consider these before proceeding. What is Section …
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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d
In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards