Liquidation is a process whereby once a Company is placed into liquidation the liquidator secures the books, records and assets of the company.There are three types of Liquidation procedures:
Creditors Voluntary Liquidation
Creditors’ Voluntary Liquidation is usually initiated by the Company’s directors due to the company being insolvent. The board of directors will have a board meeting to agree that the Company should be placed into liquidation and notice then is given to shareholders and creditors.
Members Voluntary Liquidation
A Members’ Voluntary Liquidation winds up solvent companies, and distributes surplus funds back to the shareholders.
A Court Liquidation known as an Official Liquidation is an appointment of a Liquidator by order of the High Court.
We understand that liquidations can be a very stressful time for directors of companies. At Gaffney Murphy, we can help remove some of the stress and have the expertise and experience to deal with all issues concerning Corporate Insolvency.