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Creditors Voluntary Liquidation (CVL) case study
Price Bailey’s Insolvency and Recovery team support a local manufacturing business in navigating the complexities of a Creditors Voluntary Liquidation (CVL).
*Due to the sensitive nature surrounding the liquidation process, we have maintained the anonymity of the business and individuals involved.
The business was introduced to us during a period of financial difficulty. Declining footfall and a lack of new commissions due to changing consumer spending habits left the business unable to sustain operations. A going concern sale and transfer of ownership opportunity had been unsuccessful.
When it became clear that closure was unavoidable, we were introduced to the company to assist with winding down in the most responsible and effective way. The Directors were conscientious in their approach, wanting to lessen the impact on employees and creditors as much as possible.
Our approach
We began by conducting in-depth meetings with the company’s Directors understanding the true extent of their financial position and the opportunities available to them to move forward. After careful consideration collaboratively, we determined the most appropriate approach was liquidation. In this situation, a CVL was the most responsible and effective way to wind the business down.
Our team supported the business at every stage of the CVL process, ensuring stakeholders received timely communication, statutory deadlines were met and the client felt supported and involved.
Matt Howard, and Stuart Morton, Insolvency and Recovery Partner, were formally appointed as the liquidators. Their role included managing the winding-up process in a controlled manner, ensuring all assets were realised to fund the liquidation process and maximise the opportunity for a return to creditors.
A tender sale was arranged for the sale of the equipment and remaining stock.
Staff were also supported throughout the process, with guidance in making claims to the Redundancy Payments Office for redundancy pay, unpaid wages and other entitlements.
The outcome
Price Bailey’s Insolvency and Recovery team have helped the business wind down in a structured and efficient manner. The Directors fulfilled their obligations to bring the business’s affairs to an orderly end.
We recognise that insolvency is a challenging and emotional process, and our goal is to provide expert guidance and support to businesses during these difficult times, ensuring the individuals involved can move forward with confidence.
I just wanted to formally thank you for all your support leading up to taking on the role of liquidator, the work from your team following appointment has been first class.
I had been nervous throughout the process, but every touchpoint with you has ended in me feeling more relaxed, appreciating not only your professionalism but also your human touch. I have received the moral support I very much needed. Thank you.
Business Associate, on behalf of the Director.
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