‹ Part 4 – Creditors’ Voluntary Liquidation (CVL) Statement of Company’s Affairs › When a CVL is applicable 4.1 When a Company cannot pay all of its debts within 12 months or at all (i.e. it is insolvent), it may choose to proceed in a number of ways, include going into a CVL. ‹ Part 4 – Creditors’ Voluntary Liquidation (CVL) Statement of Company’s Affairs ›