The Board of directors will, at a meeting pass a resolution to convene meetings of the company’s shareholders (often they are also the directors) and creditors, roughly in 14 day’s time to consider liquidating the company.
The Board will have nominated a licensed insolvency practitioner to act as Liquidator and at the shareholders meeting this nomination will be agreed together with passing the resolution to liquidate the company.
The Creditors meeting will follow and the meeting will vote (by way of a simple majority of the creditors votes cast by value) to retain the Directors nominated Insolvency Practitioner or appoint the creditors choice of Practitioner.
Once appointed the Liquidators role is essentially one of realising the remaining assets and distributing the net proceeds to the creditors, thereafter the company is dissolved and the company is ultimately struck off from the companies register.
KRE Corporate Recovery LLP will undertake all of the work necessary at all stages of the assignment including preparation of all documents and interfacing with the company’s creditors.