Creditors’ Voluntary Liquidation

If it is determined that the company is insolvent and cannot continue its operations the directors and shareholders may place the company into liquidation.

The liquidator is required to convene a meeting of creditors which must be held with 11 days after the day of the general meeting appointing the liquidator.

The main task of the Liquidator is to realise the company’s assets. The Liquidator may continue the business of the company to maximise the value of the assets.

The Liquidator will investigate:

  • insolvent trading,
  • potential voidable transactions entered into by the company, and
  • any other recovery actions he deems necessary in the liquidation.
 

The above information is by necessity, general in nature and its brevity could lead to misunderstanding.
For further information, you are invited to contact Alan Topp.