Insolvency practitioner role during a CVL

Role of an insolvency practitioner in a CVL

Written by Jonathan Munnery

As a formal insolvency process, a CVL can only be entered into under the guidance of a licensed insolvency practitioner who will adopt the role of the company’s liquidator. It will be their role to take an overview of the company’s financial and operational position, and determine whether a CVL is the most appropriate course of action.

If it is, then they will be responsible for identifying company assets, realising the value for the benefit of creditors, and distributing the proceeds according to a determined hierarchy. Once this process is complete, the insolvency practitioner will arrange for the company to be formally dissolved and its name removed from the Companies House register. The company will cease to exist as a legal entity at this point, and any outstanding debts, which have not been secured with a personal guarantee, will be written off.

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Common Liquidation Questions

What is a Creditors' Voluntary Liquidation

A Creditors’ Voluntary Liquidation – or CVL – is a formal insolvency process for insolvent limited companies.

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Is a CVL right for my company?

Whether a CVL is appropriate for your company depends on a range of factors including the financial position of the company, the likelihood of the business being able to return to a profitable position, and the desire of its directors to effect a recovery.

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Who initiates a Creditors' Voluntary Liquidation?

A CVL is a voluntary liquidation process which is initiated by the director(s) of a distressed limited company. Many company directors choose to place their company into liquidation when it is clear it has no future.

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What is the role of an insolvency practitioner in a CVL?

Role of an insolvency practitioner in a CVL

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