b'News and views from the Griffin & King teamBUSINESS RESCUE, RECOVERY AND TURNAROUND WINTER 2019/2020WRONGFUL TRADE.WHAT SHOULD DIRECTORS DO TO AVOID PERSONAL LIABILITY?Page 2Management team:Janet Peacock, Cheryl Gray, Tim Corfield, Emma Wallis, Mark Shaw. IVAS. WHAT DEBTS CAN AND WHATS THE DIFFERENCE BETWEENCANT BE INCLUDED.Page 2A CREDITORS VOLUNTARY LIQUIDATION (CVL) AND A COMPULSORY LIQUIDATION? by Tim Corfielddate will also be notified to creditorsSTRIKING NUMBERSPage 3at the same time. In practice, there is a period of 3 daysTHE LAST WORDPage 4between the sending of the SOA toCOMPETITION TIMEPage 4creditors and the decision date. The decision date is important because at this date the IP will be appointedKEEPING YOU INFORMEDliquidator and the company will Company Voluntary A CVL is a director driven processalso enter formal liquidation. ShouldArrangements- the board resolve the companycreditors object to the appointment Individual Voluntary cannot continue to trade by reasonthere is a procedure where theArrangements -of its liabilities and an insolvencydecision date can be delayed andConsumer Debtspractitioner (IP) is instructed toa virtual meeting take place where Liquidationcommence the process. creditors can link up to a conference call with other creditors, the IP and Individual Voluntary IThe IP will carry out various steps andthe directors. Creditors may use thisArrangements -prepare a Statement of Affairs (SOA)procedure to appoint an IP of theirBusiness Debtsof the company. This is a financialchoosing. This meeting would have Administrationpicture of the companys position - ato be held within 14 days from the Bankruptcybit like a balance sheet. The SOA (andoriginal decision date.Appointmentsother information) will be forwarded toDownload a copythe creditors and a deemed decisionContd pg 2 www.griffinandking.co.ukwww.griffinandking.co.uk | email: janet.peacock@griffinandking.co.ukGriffin & King, 26-28 Goodall Street, Walsall, West Midlands WS1 1QL'