Process type
CVLCreditors' Voluntary Liquidation
0 of 49 steps completed across 4 phases
0%
complete
Pre-appointment0/13
Accept instructions and carry out conflict of interest check
Obtain proof of identity and address for all directors (AML/KYC)
Obtain and review draft Statement of Affairs
Assess whether MVL is more appropriate (check solvency)
Identify all secured creditors and floating charge holders
Identify preferential and connected creditors
Review bank statements — obtain minimum 3 months
Review all contracts, leases, employees and ongoing commitments
Review for antecedent transactions
Consider SIP 16 if a pre-packaged sale is involved
Identify pension scheme obligations
Prepare fee estimate and engagement letter
Secure any assets at immediate risk
Appointment0/12
Directors hold board meeting — resolve to call general meeting and decision procedure
Give creditors at least 3 business days' notice of the decision procedure (s.100 IA 1986 / Rule 6.14 IR 2016)
Shareholders pass special resolution to wind up voluntarily (75%+ majority) — s.84(1)(b) IA 1986
Creditors nominate and appoint liquidator via decision procedure
File winding-up resolution and notice of appointment at Companies House within 15 days
Advertise appointment in London Gazette within 14 days — Rule 7.23 IR 2016
Notify HMRC Insolvency Service of appointment
Notify company's bank — freeze accounts and open liquidation account
Notify all known creditors within 11 days — Rule 6.14 IR 2016
Notify employees of appointment and redundancy — advise on NIF claims
Secure, catalogue and insure all company assets and records
Change company correspondence to show "in liquidation"
Ongoing0/14
Realise all assets — property, plant, equipment, stock and debtors
Issue proofs of debt and adjudicate all creditor claims
Process employee claims — RP1/RP2/RP3 forms for National Insurance Fund
Investigate directors' conduct — submit D1 report within 3 months (s.7A CDDA 1986)
Review all transactions for antecedent transaction claims
Submit final VAT return and apply for deregistration
File corporation tax returns for all periods to cessation
Agree HMRC liabilities — CT, PAYE, NIC and VAT
Apply Prescribed Part rules if a floating charge exists — s.176A IA 1986
Disclaim onerous property and leases if appropriate — s.178 IA 1986
Consider misfeasance claims against directors — s.212 IA 1986
Issue initial estimated outcome statement within 8 weeks — Rule 18.8 IR 2016
Issue annual progress reports every 12 months — Rule 18.3 IR 2016
Declare and pay interim dividends to creditors if funds permit
Closure0/10
Obtain formal HMRC tax clearance
Realise all remaining assets and adjudicate all outstanding claims
Prepare final receipts and payments account
Make final distribution to creditors in the correct statutory order
Issue final progress report to creditors — Rule 18.14 IR 2016
File final account and notice of dissolution at Companies House
Return unclaimed dividends to the Insolvency Services Account (ISA)
Close the liquidation bank account
Archive case files for minimum 6 years after dissolution
Close case on practice management system and notify regulatory body
Checklists cover the key statutory obligations for each process under the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016. Always verify steps against the specific facts of your case and seek legal advice where appropriate. Progress is stored in this browser session only.