Members Voluntary Liquidation Flashcards
1
Q
Situation What is the company? Who controls the process? What do the directors do? When does winding up start? What do the members appoint?
A
Solvent Members Make declaration that company will be able to pay debts in less than 12 months The date of resolution Named insolvency practitioner
2
Q
Reason
What is the purpose?
A
To wind up when company solvent
3
Q
Petitioners
Who can petition this?
A
Members
4
Q
Effects What does liquidator do? And then what? And then? What period of time later is the company dissolved?
A
Realises assets then distributed them
Reports to final members meeting
Informs registrar
3 months
