What is the Liquidation Process?
If you’re eligible and want to place your company into a Creditors Voluntary Liquidation, get in touch with Cheap Liquidation today. Call us on 03303 411 285 to arrange your free, no-obligation confidential consultation.
Once formally instructed, we’ll begin the process of liquidating your company.
A board meeting will be arranged to:
- Agree the director who will act as the convener of the decision procedures
- Set the date and time of the creditors and shareholders’ decision procedures
- Verify a statement of the company’s assets and liabilities
- Sign notices to shareholders and creditors proposing the closure of the company
Written resolutions will then be distributed to shareholders, or a shareholders’ meeting arranged, so the company’s liquidation can be considered, and a liquidator nominated. At least 75% of all shareholders need to agree to pass the resolution before your company can be placed into liquidation.
When your company is in liquidation, decision procedures will begin so your creditors can approve the appointment of the liquidator and agree to the liquidator’s fee. This will happen either via a virtual meeting or by deemed consent.
