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A Creditors Voluntary Liquidation (CVL) is the most common type of company liquidation.In a CVL the company’s directors would decide to put the company into liquidation due to the company being insolvent.If your business is incorporated as a company you may wish to close it due to retirement or another personal reason.Liquidation is the process of winding up a company so that it no longer exists by using its assets to pay its debts.

The fees are normally around depending on the size of your business and how much work will be needed to close your business down.

If you owe debts to creditors you are personally responsible for those debts.

You can find out more in our document on problem debt.

The most common form of liquidation is when a company has become insolvent and incapable of paying its debts as they fall due, however a company may enter liquidation even when it has surplus assets at the behest of the company’s owners.

The three main ways a company can be put into liquidation are outlined below.