Creditors Voluntary Liquidation
When it becomes impossible to trade on and a company can not be salvaged, or there simply isn’t the desire by the directors and/or shareholders to drive the company forward, voluntary liquidation is the most common action initiated. The directors convene meetings to place the company into liquidation and shareholders pass a resolution to wind the company up.
The directors appoint an independent Insolvency Practitioner who will advise on how the company’s assets, creditors and the legalities of the process are dealt with. Simply put the liquidator realises the assets of the company and distributes the net proceeds to creditors.
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