Augusta Kent - Liquidation Procedures

At Augusta Kent, we have extensive experience of all types of liquidations - whether acting as court, creditor or shareholder appointed liquidators. It is important to seek advice early to ensure that your interests are best served. Time is the essence in these circumstances - contact us without delay for a free initial consultation with no obligation.

Members’ Voluntary Liquidation (MVL)

Applicable in cases where the company is solvent and the shareholders wish it to cease trading. In this process, the shareholders appoint the liquidator to realise and distribute its assets to repay any remaining debts in full, with interest, within an approved timescale (maximum of twelve months). We have extensive experience in these cases and can action this quickly and efficiently for you.

Creditors’ Voluntary Liquidation (CVL)

This is a shareholder and creditor driven insolvency process whereby the company is insolvent and the shareholders take a formal decision to wind it up. In this case, the creditors can choose the liquidator (who may differ from the one originally nominated by the company). Only a licensed insolvency practitioner can be appointed.

Whether you are a director or shareholder of a business that may be insolvent or a creditor who wishes to have your interests represented, contact us as soon as possible.

Compulsory Liquidation

This is where someone, usually a creditor, requests that the court winds up a company because of an outstanding debt (following a written demand for payment). If the company fails to pay off the debt, a process is set in motion that will usually result in the company’s bank account being frozen. Our clients often refer to this as ‘business bankruptcy’ (the formal term ‘bankruptcy’ is only applicable to individual insolvency). The company is likely to be closed down upon liquidation.

If your company is under financial duress, court actions may be missed or ignored. However, in this circumstance it is essential to seek the advice of a licensed Insolvency Practitioner without delay. There are a number of insolvency procedures that can halt this process in its tracks and protect the company’s assets whilst a remedial strategy is identified and actioned.

The information presented is for information purposes only. The information is not, and is not intended to, amount to professional advice and should not be applied to specific circumstances. No responsibility for its accurateness and correctness, or for any consequences of relying on it, is assumed by Augusta Kent Limited. We strongly advise that you contact us or any other licensed insolvency practitioner for specific, personal advice.