|
We will help you with fully comprehensive information and advice
regarding:
• Creditors Voluntary Liquidations
• Members Voluntary Liquidations (Solvent Liquidations)
• Company Voluntary Arrangements
• Partnership Voluntary Arrangements
• Administrations
Creditors Voluntary
Liquidation
A procedure to wind a company up where a company is insolvent. The
directors of the
company will convene a meeting of the company's shareholders. The
shareholders will
pass the resolutions for the winding up of the company and nominate
a Liquidator.
Company
Voluntary Arrangement
An arrangement to suspend creditors’ action whilst the
company undergoes
reconstruction or asset sales with a view to continuing trading
thereafter. The
arrangement is binding on all creditors once the arrangement is
approved at a duly
constituted Creditors’ meeting.
Members Voluntary
Liquidation
A winding up procedure where there are sufficient
company funds and/or assets
to settle with all outstanding creditors in full. This procedure is
instigated by the
company’s board of directors and approved by shareholders.
Administration
This procedure involves the appointment of an
independent Insolvency Practitioner
to create and present proposals to creditors for how the company can
be
restructured to continue trading whilst improving its ability to
settle its debts. During
the administration period the company is protected from creditor
actions.
|
