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
cvl · creditors voluntary liquidation · insolvent · wind up company · asic · liquidator · insolvent trading · company closure · business insolvency · company debt · wind down business · company administration · creditor meeting · asset sale liquidation · company bankruptcy · business failure · director responsibilities insolvency · company dissolution · company · abn · bankruptcy
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