New Simplified Liquidation Pathway
Posted On: 29th January 2021
The Creditors Voluntary Liquidation (CVL) process in Australia has been streamlined by the Federal Government providing a simpler pathway that will be quicker while providing better returns for creditors.
A new streamlined liquidation pathway was enacted by the Australian Federal Government on 1 January 2021 which is intended to reduce time and cost in the creditors voluntary liquidation (CVL) process and aims to ensure better returns for creditors.
The Creditors Voluntary Liquidation (CVL) process in Australia has been streamlined by the Federal Government providing a simpler pathway that will be quicker while providing better returns for creditors.
A new streamlined liquidation pathway was enacted by the Australian Federal Government on 1 January 2021 which is intended to reduce time and cost in the creditors voluntary liquidation (CVL) process and aims to ensure better returns for creditors.
A liquidator is appointed in the usual fashion, but chooses to enact the Simplified CVL (SCVL) process, advises creditors within 10 business days and seeks approval to adopt the simplified liquidation process.
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