Liquidation
We can act as liquidators for creditors and companies and our experience can help clients reduce unnecessary expenses and time spent on researching liquidation procedures.
A member of a company may apply for voluntary winding up if the company is solvent. If the company is dissolved in this way, the directors of the company must issue a certificate of solvency and have it signed by a majority of the directors (if there are more than two directors). In addition, the directors must convene an extraordinary general meeting and pass a resolution for voluntary winding up, appoint a liquidator and give the liquidator the power to distribute the assets in cash or in specie.
Creditors' voluntary liquidation is more expensive and complex than shareholders' voluntary liquidation and is usually applied to insolvent companies. Firstly, the company being wound up needs to prepare a balance sheet (listing the creditors and estimating their interests). The directors then call an extraordinary general meeting to pass a resolution to wind up the company and appoint a liquidator. On the same day, the directors shall convene a further meeting with the creditors to consider the execution of the balance sheet and the appointment of a liquidator. If the creditor is different from the liquidator appointed by the shareholders, the creditor will be required to make a choice of liquidator.
We provide a free initial consultation and valuation service. After the initial consultation and assessment, we will recommend a fee based on the actual circumstances, requirements and services required by your company.