WHEN IS A CVL USEFUL?
When a company is insolvent and no longer has a viable business worth saving. For example:- A company which has insufficient sales to cover its overheads and cannot continue to trade.
Insolvent, what does this mean?
When a solvent company has come to the end of its useful life and needs to be wound up. For example:-S123 IA86 sets out the definition of insolvency which includes:- Creditor(s) are owed more than £750 and have either served a 21 day demand which has not been met or judgment has been given or it is proved to the satisfaction of the Court that the company cannot pay its debts as they fall due, or the company's liabilities exceed its assets including contingent liabilities.
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