Creditors Voluntary Liquidation (CVL)
Form number: Form 205 / Form 509
The most common way to formally close an insolvent company. Directors recognise the company cannot pay its debts and members resolve to wind up. A registered liquidator takes control, sells assets, and distributes funds to creditors in statutory priority order.
Official source
asic.gov.auRelated topics
cvlcreditors voluntary liquidationinsolventwind up companyasicliquidatorinsolvent tradingcompany closurebusiness insolvencycompany debtwind down businesscompany administrationcreditor meetingasset sale liquidationcompany bankruptcybusiness failuredirector responsibilities insolvencycompany dissolutioncompanyabnbankruptcy
Related forms
- ASIC Form 484 — Notification of Company ChangesForm 484
- ASIC Form 6010 — Voluntary Deregistration of a CompanyForm 6010
- ASIC Form 524 — Presentation of Accounts and Statement (Winding Up)Form 524
- Members Voluntary Liquidation (MVL)Form 520 / Form 205
- Court Liquidation (Winding Up by Court Order)Form 7 / 8 (FCR)
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