Members Voluntary Liquidations

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The members’ voluntary liquidations are generally controlled by the shareholders of the company. The shareholders of the company may have come to the conclusions that they no longer wish to continue trading but are in a position to pay all their creditors in full within 12 months of the date of passing the resolution to wind up the company.

In this process there will be no meeting of the creditors but simply a resolution of the shareholders to place the company into liquidation and appoint the Liquidator of their choice and the Declaration of solvency is sworn by the Director of the Company.

 If the creditors are not paid in full within 12 months of the date of the Liquidation, the Liquidator will be under obligation to convene the meeting creditors and convert the liquidation into creditors voluntary liquidation.