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Liquidations

Liquidating a company means its assets are used to pay its debts. A Liquidator is a person appointed to the company to wind it up and cause it to be dissolved.

There care three types of liquidation:

  • Creditors Voluntary Liquidation - This is the most common type of Liquidation and is normally started by the company’s directors, it occurs when a company is unable to pay its debts.
  • Members Voluntary Liquidation - In the case of a members voluntary liquidation the company is solvent, meaning that it is in a position to pay off the debt it owes to its creditors.
  • Court Liquidation - A court liquidation is when the assets of a company are realised to satisfy the company’s debts and liabilities as far as possible. If a company is unable to pay its debts, a creditor may petition the court for it to be liquidated. 

 

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