Process of Declaring Bankruptcy What is Bankruptcy? When a person is unable to pay their debts or reach a suitable agreement to repay their debts to creditors (a creditor is a company or person who is owed money), they are deemed to be insolvent. Bankruptcy is a legal...
What is Creditors Voluntary Liquidation? A Creditors Voluntary Liquidation or, CVL for short, is a formal insolvency process which begins when the shareholders of an insolvent company decide to liquidate the company and appoint a liquidator. This usually occurs when...
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