A Members voluntary Liquidation is a solvent winding up where all creditors are paid in full and a return is made to the company’s shareholders.
The Board of directors will, resolve to wind the company up and will call a meeting of the Shareholders.
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.
Once appointed the liquidators will settle any outstanding creditor claims and then distribute any remaining assets by way of a distribution in specie or payment of a dividend to the shareholders.
The liquidator will advertise for any creditors claims and once the date to claim has expired and the company’s tax position has been finalised the liquidation is finalised and 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 in relation to calling the meetings of members and preparing the necessary Declaration of Solvency, resolutions and distributions of assets or funds.