Business Recovery and Insolvency Practitioners
Any number of reasons can lead to a company
entering into Liquidation.
A Liquidation may be insolvent
or solvent.
Solvent Liquidation – Members’
Voluntary Liquidation
A solvent liquidation is known as
a Members' Voluntary Liquidation. The
Liquidator is appointed by the shareholders
of the Company where the assets of that company
are sufficient to discharge all known creditors
and such cases are dealt with within a twelve
month period.
Insolvent Liquidation – Compulsory
Liquidation
An insolvent liquidation may be in
the form of a Compulsory Liquidation
which may be instigated by the issuing of a
petition normally by a creditor to the Court
or a Creditors' Voluntary Liquidation
which commences following the passing of Extraordinary
Resolutions by the shareholders.
As with the official receiver, the liquidators
principal objectives are to realise the company's
assets, investigate the company's affairs and
to agree all creditors claims.
For details on terms used pleased
see our glossary.
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