Understanding Creditors Voluntary Liquidation Process & Key Factors
Creditors' Voluntary Liquidation (CVL) is a process where a company, facing insolvency, voluntarily opts to wind up its affairs. It involves appointing a licensed insolvency practitioner who oversees the liquidation process. Key factors include creditor meetings, asset valuation, distribution of proceeds, and legal compliance. CVL aims to fairly distribute assets among creditors while adhering to insolvency laws.
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