What is the key difference between a Members' Voluntary Liquidation (MVL) and a Creditors' Voluntary Liquidation (CVL)?

An MVL is initiated by the court, while a CVL is initiated by the creditors.

In an MVL, the directors must make a statutory declaration of solvency; in a CVL, the company is insolvent.

An MVL applies only to public companies, while a CVL applies to private companies.

The liquidator in an MVL is appointed by the court, whereas in a CVL they are appointed by the members.