Liquidations
Liquidation
Liquidations
Creditors Voluntary Liquidation (CVL)
A Creditors Voluntary Liquidation is a process initiated by the directors and effected by resolution of the shareholders for the liquidation of company assets to provide funds to distribute to all classes of creditors.
The procedure for liquidation is as follows:-
- A free initial meeting with the company to discuss and provide information and advice.
- After receipt of instruction a meeting of shareholders is convened followed by a meeting of creditors some 7/14 days later.
- At this meeting of creditors, chaired by a director a statement of affairs and company history is provided.
- The appointment of a Liquidator is confirmed by the creditors after which time all further matters are dealt with by the Liquidator.
Please see Liquidation R3 Leaflet here.
Please see Liquidation Guide to Fees here.
Compulsory Liquidation
A Compulsory Liquidation is effected by petition by a creditor to the Court for a winding up order. When made the directors are interviewed by The Official Receiver who at that stage acts as Liquidator of the company.
If The Official Receiver is of the opinion that a creditors meeting should be convened so that the creditors can appoint an alternate Liquidator such meeting will be held.
Please see Compulsory Liquidation R3 leaflet here.
Please see Liquidation Guide to Fees here.
Members Voluntary Liquidation
Voluntary closure of a solvent company enabling cessation and where possible a distribution of any surplus to members either in specie or by way of dividend.
