Conversion of MVL to CVL
3.8 During an MVL, if the liquidator decides that the company will not be able to pay its debts in full within the period stated in the directors’ declaration of solvency, the liquidation becomes a CVL (see Part 5 of the guidance for more information).
3.9 Where the liquidator takes that decision, the liquidator must call a meeting of the creditors, notice of which shall not be less than seven days. The liquidator must prepare a Statement of Affairs of the Company and provide it to the creditors at the meeting. The liquidation becomes a CVL from the date of that meeting.