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If you are a director of a company that is being placed into Creditors’ Voluntary Liquidation (CVL), you might be entitled to claim redundancy payments from the Insolvency Service. The Gov.uk site provides some guidance on this topic here. To be eligible for redundancy payments as a director, you will need to confirm your status…

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For many companies, liquidation will be considered at some point. This could be for a wide range of reasons, from directors changing their priorities, to a decline in profitability. Other times, companies will be saddled with large amounts of debt and lacking the income to make repayments, leaving a Creditors’ Voluntary Liquidation (CVL) as one…

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For many companies, the threat of insolvency is something that will need to be dealt with at some point – especially given the current economic climate, plus the ripple effects of Brexit and the Coronavirus pandemic. When a company is faced with potential insolvency (i.e. being unable to pay all of its bills), the directors…

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When closing a company, its financial position will affect the route to closure chosen by its director(s). There are many reasons why directors would choose to close their company and many scenarios which can play out during the liquidation process. A key thing to be aware of is that a Licensed Insolvency Practitioner must be…

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A Creditors’ Voluntary Liquidation (CVL) allows a company director(s) to close their insolvent business when it is no longer feasible, whether this is because it can’t pay its bills and debts or its liabilities outweigh its assets. Initiated by the director(s), this is a process that stops the company trading and liquidates its assets in…

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