Creditors’ Voluntary Liquidation
A creditors’ voluntary liquidation is used when the company cannot be saved. Meetings of shareholders and creditors are convened, to wind up the company and appoint a licensed insolvency practitioner to act as Liquidator.
It is in the best interests of the directors to take action at an early stage, in order to minimise the risk of wrongful trading.
As the Liquidator, we have several duties, the main being:
- to realise the assets of the company, for the benefit of creditors,
- investigate the company’s affairs and, if possible,
- agree creditors’ claims and distribute funds.