Creditors voluntary liquidation (CVL)

A CVL provides you and your fellow directors the option to voluntarily close your business and is usually chosen when a turnaround of the business is not feasible. Under this process your insolvent company is formally placed into liquidation and allows the creditors to recover as much money as possible.

It is better than being forced into compulsory liquidation by one of the company’s creditors. It can protect you from the risks from a compulsory liquidation, and allow you to draw a line and move on with your future reputation intact to start another business again.

When is a CVL the right option?

  • The business is out of cash and cannot pay its debts
  • Creditors are threatening a winding up petition
  • The company cannot be turned around and made viable
  • There is a serious risk of exposing the directors personally to accusations of wrongful trading, by incurring more debts whilst the business is insolvent
  • Helps you to move on and start afresh

READY TO TALK? 

If you'd like to talk to us or discuss any of our services please call us on 03302291470 email us contact@claritytransformation.co.uk  or book a call using the button below.

IMPORTANT THINGS TO KNOW

A licenced Insolvency Practitioner (IP) is appointed to complete the CVL whose duties include:

  • Looking into the conduct of the directors and the way in which the business was conducted
  • Whether any assets have been sold at an under-value
  • What assets can be sold to recover monies for creditors
  • Whether some creditors were paid in preference to another, which is not permitted under the rules.

How WE Help

We help you successfully manage the CVL process

A CVL is a challenging situation for the directors to handle and expert help and advice will ensure you come through it successfully with your business reputation intact and start again.

Clarity Transformation can help you successfully start again.

Contact us now to solve your problems.

CLIENT TESTIMONIALS

"Obi is unique combining the skills of a CEO and a CFO. Obi understands businesses and how to make them fly. He is highly intelligent, personable and achieves results. The sort of person that you want on your team."

- Justin Boyce-Cam, Partner BDO, Australia 

“He gets things done through his highly collaborative management style and with persuasive leadership. I have seen Obi inspire clinical engagement and gain buy-in from executive peers and divisional leadership teams – often in highly charged or challenging situations. He will take an integrated approach to often conflicting goals by linking finance, quality and operational priorities to deliver sustainable financial, quality and operational improvements.”

- NHS CEO  - South East 

“Obi is highly intelligent. He understands how hospitals work and this allows him to deliver results. He will gain buy in and co-operation from clinicians, finance and operations to ensure your goals are achieved. He has a wealth of experience to draw upon in order to transform services, save money and engage staff - I needed a solution rather than a series of quick short-term wins – Obi delivered this, and I would definitely engage him again if the need arose.”

- NHS CEO  - North East 

"I worked with Obi on a senior leadership project for an international hospital. It was a pleasure to work with someone who has the same strong work ethic! He was professional, extremely knowledgeable and added immense value to the project."

- Tracy Bedwell, MD of global M&D company

Obi is a person who can make a real difference through his ability to understand the key challenges involved in a turnaround or business improvement situation. He can work with stakeholders to both formulate a turnaround or improvement plan but most importantly to get buy in and actually deliver the plan. He has experience of a wide variety of industries primarily with SME's in the private sector and in the NHS in the public sector.

Stephen Burke, FD and Transformation Specialist

I have worked with Obi on a number of projects and found him to be diligent, well informed, highly experienced and able to follow through and deliver his work. I would certainly recommend him for any consulting engagements.

Jonathan Webb, CEO Clarity Associates Ltd

I have known and worked with Obi for the last ten years on a number of different projects in the NHS. All of these assignments have been complex, challenging and have required clinical, operational and financial changes to be made at pace. What sets Obi apart is his ability to take people with him through these changes and to communicate them clearly and appropriately to those impacted. The client is always disappointed when the work is complete as Obi is a joy to work with and has a passion for ensuring that the changes made are sustainable and management teams and their staff develop their capabilities/capacity along the way.

Iain Alexander - Partner, PwC, Leader Government & Health Industries Restructuring  

In these mad times it's great to find someone who can help you out of looming financial trouble so I was delighted to be introduced to Obi who brought clarity to my complex network of businesses. Once things became more settled, I expected to need to find someone else to review the growth and expansion plans for my media business, but again Obi was an invaluable consultant on a whole range of financial and business growth issues. Now pleased to work with him as our outsourced FD on contract.

Jack Chew, CEO Physio Matters, Therapy Live and Chews Health