Company Closure
Amidst the current economic uncertainty, a growing number of directors are facing challenges in sustaining their businesses. Consequently, there has been a surge in household debt affecting a considerable portion of individuals across the nation.
Creditor's Voluntary Liquidation
Creditors' Voluntary Liquidation (CVL) is a formal insolvency process chosen by a financially distressed company. It involves appointing a licensed insolvency practitioner to oversee the orderly winding down of the company's operations, realisation of assets and the fair distribution of funds to creditors. The process culminates in the formal dissolution of the company.
Member's Voluntary Liquidation
Members' Voluntary Liquidation (MVL) is an orderly process used by solvent companies to wind down their operations. Shareholders appoint a licensed insolvency practitioner to realize the company's assets, settle any remaining liabilities, and distribute surplus funds among shareholders, ultimately dissolving the company in a controlled manner.
Compulsory Liquidation
Compulsory Liquidation is a court-driven process initiated by creditors or other stakeholders when a company is unable to meet its financial obligations. After the court makes a winding up order, a liquidator is appointed to sell the company's assets, pay creditors in a prescribed order and ultimately dissolve the company. In the right circumstances, a winding up petition can be avoided.