Procedure liquidating a company
it is able to pay off its debts, usually within a 12 month period.Creditors Voluntary Liquidation [CVL] – a creditors voluntary liquidation may be used to close a limited company when a company with debts is unable to pay as they fall due – i.e. In both MVL and CVL procedures to close a limited company a liquidator is appointed to realise the value of the company assets to pay any creditors in accordance with established guidelines and any surplus funds are distributed to the members.A dormant company is one that doesn’t trade and has no transactions.Despite this you are still required to file annual returns with CRO.The company won’t exist once it’s been removed (‘struck off’) from the companies register at Companies House.
Firstly, one needs to decide about the form of business.
Every case is different, but there are always some crucial points to consider before embarking down this path. KSA Group knows how to restructure businesses based upon the experience gained from doing hands-on turnaround work for more than 30 years! "Keith Steven is one of the most creative and well informed turnaround professionals that I have worked with.
He is without doubt the country's leading expert on the little used but hugely powerful company voluntary arrangement (CVA) mechanism.
Remember if your company is insolvent the directors must aim to maximise creditors' interests - by continuing to trade, you will maximise their interests with a CVA.
After the directors have considered the long-term viability of the company it is essential to take appropriate advice from experienced turnaround or insolvency practitioners.