A moratorium is a director led process to afford companies some breathing space from creditor actions whilst they attempt to solve their financial problems

A Creditors' Voluntary Liquidation is a formal insolvency procedure which involves the directors of an insolvent company voluntarily choosing to bring their business to an end and liquidate the company.

A CVA enables the directors to put proposals to creditors to settle or compromise their debts through a formal arrangement which binds all creditors. Most CVA’s are for a period of five years.

Administration is an insolvency process that provides protection to the company where there is a prospect of saving the company’s business or providing a better result for creditors than liquidation.

A compulsory liquidation is a court-driven process, usually begun by a creditor issuing a winding up petition.

An MVL is the process whereby the existence of a solvent company is ended, its affairs wound up and its assets realised.