Creditors Voluntary Liquidation (CVL)
Liquidation, also known as Winding-Up can apply to both companies and partnerships. It involves the winding up of the affairs of the company. There are three types of liquidation. Bottomley & Co can act in a Creditors Voluntary Liquidation or a Members' Voluntary Liquidation, all we need is an instruction from the directors. At a Creditors Meeting the creditors appoint the Liquidator. The Liquidator then realises and distributes he assets and finally closes down of the business. The final type is Compulsory Liquidation where the company is wound up in the Courts and the Official Receiver is appointed to investigate.