27/10/2020
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Tuesday 27 October 2020
Unlike other liquidations a solvent or members voluntary liquidation does not take place because a company is unable to meet its financial obligations. Instead it provides the directors and shareholders with a means to wind up the company rather than selling it to another party. This can be relevant where for example the owner is retiring and there is no one to take over, or if the business has and now has no purpose to exist because it has achieved its objectives or because a business is restructuring. We looked at:
- The declaration of solvency
- Procedural steps including the General Meeting
- Dealing with trade creditors and other claims
- Distributions
