Dissolution Services
Members Voluntary Liquidation
Creditors Voluntary Liquidation
Compulsory Liquidation Services
Company Voluntary Arrangement
What does Pacific Insolvency do to help my situation?
Dissolution is the most common way to close a solvent company. The company is removed from the Companies House register and ceases to exist. This is generally the least expensive option, but it is only available to companies that are able to pay all of their debts.
Members Voluntary Liquidation (MVL) is also only available to solvent companies. An Insolvency Practitioner is appointed to wind up the company and distribute the assets to the shareholders. This can seem like a more expensive option than dissolution, but it can be a good choice for companies that want to ensure that their assets are distributed fairly.
Creditors Voluntary Liquidation (CVL) is used to close insolvent companies. An Insolvency Practitioner is appointed to wind up the company, realise the assets and distribute any available funds to the creditors.
Compulsory Liquidation is a court process. A creditor or the company can present the petition, the Secretary of State may also present a petition to wind up the company if they think it is in the public interest. The Official Receiver is appointed liquidator and the company is wound up. This is a less common option than CVL but may be utilised where a director or shareholder believes their company is insolvent but is unable to convince the board of directors to follow the CVL procedure or by creditors where the directors have not sought to put the company into liquidation themselves.
Administration is a temporary measure that provides protection from creditor action to allow time to rescue a company or maximise its value. An Insolvency Practitioner is appointed Administrator of the company and takes control from the Directors. This is a good option for companies that are struggling but there is a chance of rescuing the business.
Company Voluntary Arrangement (CVA) is a formal agreement between a company and its creditors. The company proposes a plan to repay its debts, or a proportion of them, and the creditors agree to accept this plan. This is a good option for companies that are insolvent but have a viable business to continue trading.
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