Creditors Voluntary Liquidation is a procedure which allows an insolvent company to put itself into liquidation. Despite the name, it is started by the directors (not the creditors) calling a meeting of shareholders who agree to wind up the company. 

The shareholders may nominate an Insolvency Practitioner to act as liquidator, but the final choice is made by the creditors at their meeting.

Voluntary liquidation is the most common form of liquidation.

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