Creditors’ Voluntary Liquidation

The company is insolvent and the shareholders have passed a resolution to place the company into Liquidation. A Statement of Affairs is produced by the directors of the company to show creditors what assets may available. The company is unable to pay its debts in full and a Liquidator will be appointed to realise its assets and/or recover as much money as possible to make a Distribution to creditors. A limited liability partnership (LLP) may also enter into creditors’ voluntary liquidation.