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A CVL is a solvent company that appoints an insolvency practitioner to wind up affairs with creditor cooperation, under the Insolvency Act and related rules. The solicitor advises on the shareholder vote to appoint a liquidator, prepares the resolution and administration misives, and coordinates with the liquidator to gather books, documents, and claims. They assist in the discharge of assets, settlement of preferential debts, and finalisation of the company’s affairs through the dissolution process.
The solicitor handles the drafting of the resolution, liaises with the liquidator to assemble a report of affairs, and manages communications with creditors, shareholders, and the court if needed. They navigate the interplay between statutory trust requirements, distribution priorities, and the multi-step process of realising assets and distributing proceeds in a way that complies with professional standards.
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Tagged solicitors Gracie Gossage and Leon Flavell
I needed to transfer the shares of my company to my daughter while retaining control of the business, and they helped me identify the most suitable solution. Their advice was professional, clear, and tailored to my specific needs.
Review left by Paolo Gaiba
