Help for Directors

All businesses face the occasional financial crisis but when they become a critical problem you need to know exactly where you stand. In our help for directors section, you will find specific information for answering your questions around if you are insolvent, what you need to do if you are and how it will affect you.

Creditors Voluntary Liquidation

What is known as Creditors Voluntary Liquidation is the process that most businesses must go through if they are insolvent. It can be a difficult time for everyone involved, so we have created this special section of our site to give you the important facts about CVLs in a clear and down to earth way so you can see where you stand.

Members Voluntary Liquidation

This is when your company is still solvent, but you (and your fellow directors) decide it is time to call it a day and retire or move on to the next stage of your lives.  With an MVL, you will release the assets and use these funds to pay off the creditors before returning the remaining funds to the shareholders.

Creditors Guides to Insolvency

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Creditors Guides to Insolvency

R3, The Association of Business Recovery Professional, The UK insolvency trade body, has produced a creditor insolvency guide website. This site is a step by step guide designed to help creditors navigate their way through an insolvency process.

ICAEW has produced a restructuring and insolvency guide to assist directors to avoid and/or survive financial difficulties. 

R3, has produced a set of guides suitable for distribution to unsecured creditors during an insolvency process. These are as follows;

Administrations

Administrative Receivership

Bankruptcy

Compulsory Liquidation

Creditors Voluntary Liquidation

Creditors may wish or become involved in a creditors committee. This Guide to Creditors provides guidance on the role of a committee in an insolvency process, how committees are formed and what you may expect if you choose to serve on a committee. 

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