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Voluntary liquidation | ||
In law, liquidation refers to the process by which the existence of a company is brought to an end, and the assets and property of the company are distributed. Liquidation can also be referred to as winding-up and/or dissolution, although dissolution technically refers to the last stage of the liquidation process. Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations can also be controlled by the creditors, see below). In finance, liquidation is also sometimes used as convenient shorthand for converting an asset to cash Voluntary liquidationVoluntary liquidation occurs when the members of the company resolve to voluntarily wind-up the affairs of the company and dissolve. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already). If the company is solvent, and the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary winding-up. In such case, the general meeting will appoint the liquidator(s). If not, the liquidation will proceed as a creditor's voluntary winding-up, and a meeting of creditors will be called, to which the directors must report on the company's affairs. Where a voluntary liquidation proceeds by way of creditor's voluntary liquidation, a liquidation committee may be appointed. Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributories. Copyright 2008 - France BtoB from Wikipédia
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