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A procedure that allows an IP (acting as the administrator) to try to rescue a company or sell its assets to repay all the creditors as much as possible of what they are owed.
A members’ voluntary liquidation (MVL) is the formal process to bring a solvent company to a close. MVLs are only available for solvent companies and the directors are required to make a sworn declaration that the company:
- is solvent
- can pay all its taxes
- can pay all its creditors
- can meet all its contractual obligations
Personal insolvency proceedings after a petition to the court. This happens when people are not able to pay their debts. It takes away most of their property (for example, their house and other valuable belongings) and the money collected from selling these is then shared among the people they owe money to (their creditors). As a result of bankruptcy, someone who has been made bankrupt (the debtor) cannot act as a company director and, if they trade as an individual, they must trade in their own name. An IP may act as a the trustee in the bankruptcy.
A procedure that allows someone who owes money to enter into an arrangement with creditors to repay all, or a percentage of, the debts. The IP (acting as a supervisor) makes sure the agreed terms of the arrangement are met. Companies can also enter into voluntary arrangements.
A Creditors’ Voluntary Liquidation (CVL) is a formal insolvency procedure which involves the directors of an insolvent company voluntarily choosing to bring their business to an end, and wind the company up. Although the process is entered into on a voluntary basis, it often follows the cumulation of many months of financial distress when the possibility of a successful turnaround has been extinguished. Even though this is far from an ideal situation, for an insolvent company which has no viable future as a profitable entity going forwards, voluntary liquidation by way of a CVL may be the best solution for all concerned.