Creditors Voluntary Liquidation

Question 1

Situation 
What is the company?
Who controls the process?
When does winding up start?
What is there no?
What is submitted by who?

Answer 1

Insolvent 
Creditors 
Date or resolution 
Declaration of solvency 
Directors submit statement of company’s affairs

Question 2

Reasons

What is the reasons?

Answer 2

To wind up company when insolvent

Question 3

Petitioners
Who are the petitioners?
What do the creditors/members appoint?
Who has final say?

Answer 3

Creditors and liquidation committee (5)
Insolvency practitioner
Creditors

Question 4

Effects 
Who does the liquidator do?
Then what?
Then?
When is the company dissolved?

Answer 4

Realise assets and distribute them
Report to the creditors/members final meeting
Report to registrar
3 months later