Creditors are also unable to take further legal action as long as the conditions are met and existing legal actions, such as a liquidation order, are closed.  To transfer a company into a voluntary agreement (CVA) of the company, it is necessary to follow a particular process to assess the profitability of the agreement and set up this commercial recovery process. Directors have a legal obligation to act properly and responsibly and to put the interests of their creditors first. The risks associated with the liquidation of a company may include the exclusion from the activity of director of other companies as well as the personal reputation of director. In extreme cases, managers may be held personally liable for contributing to creditors` defaults.