What actually happens during a Creditors’ Voluntary Liquidation?

CVL is often misunderstood and sounds more intimidating than it is. 

In simple terms: 

• Directors choose to close the company 
• A licensed insolvency practitioner is appointed 
• Assets are dealt with 
• Creditors are treated fairly 

For many directors, the process brings relief rather than regret. 

Is CVL something you’ve heard of but never properly explained?