Timeline of a Creditors Voluntary Liquidation

It is a quick and easy process to appoint a Liquidator. It can usually be done very quickly. After that the liquidator will wind up the company. We’ve explained the steps for a Creditors Voluntary Liquidation below:

Step One – Obtain a Consent to Act and draft documents from a Liquidator

We always recommend you discuss the possible liquidation with a trusted expert to make sure it is the right answer. To appoint a Liquidator you need to obtain a Consent to Act from the proposed Liquidator. At Dissolve we will be happy to consent but only after we discuss with you the company’s situation to make sure it’s the right decision - we can determine that in one phone call. We will also prepare all the documents needed in the Steps below and lead you through the process.

Step Two - Meeting of Directors

The directors meet and resolve that the company is insolvent, sign a simple Summary of Affairs and call a meeting of shareholders.

Step Three – Shareholders sign a Consent to Short Notice

If 95% of shareholders sign a Consent to Short Notice then the meeting of shareholders can be called and held immediately. If the 95% of shareholders cannot sign, then 21 days notice is given for the shareholders meeting.

Step Four – General Meeting of Shareholders

This meeting passes the resolutions appointing a Liquidator. Usually we provide “Circular Resolutions” whereby shareholders can sign the resolution one after the other so they do not have to actually meet.

Step Five – Liquidation of the Company

The Liquidator is now appointed and proceeds to call a meeting of creditors, advertise the Liquidation, dispose of the assets of the company and attend to a variety of administrative matters

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