Members
Voluntary Liquidation

Members
Voluntary Liquidation

 
This is a procedure where the Company is solvent, there is no further use for the Company and thus its assets are required to be distributed to its shareholders as a return of capital. All creditors of the Company at the date of Liquidation must be paid in full together with statutory interest.

The procedure is managed by a liquidator, who must be an authorised licenced insolvency practitioner and is appointed by the shareholders.

The directors prepare a declaration of solvency which is accompanied by a statement of truth and presented to the Company's shareholders. The Company is placed into liquidation with the approval of not less than 75% of shareholders voting.

The liquidator's duties are then to realise all assets, settle any outstanding liabilities, obtain appropriate tax clearance and distribute the remaining assets to shareholders.

It is also possible for the Company's business to be restructured under section 110 of the Insolvency Act 1986. This is particularly useful if shareholders wish to separate different parts of the business into different legal entities.

When considering a members' voluntary liquidation professional advice should be sought from accountants in respect of any tax planning issues.

 
 
 
  IPA   JWS Business Recovery Limited is a limited company registered in England, registration number 09132173. Our registered office is St Ann's Manor, 6-8 St Ann Street, Salisbury, Wiltshire, SP1 2DN. Our VAT registration number is 206 5044 42. We are registered with the Information Commissioner as a data controller, details about our registration can be viewed under registration number ZA114134.   IPA  
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JWS Business Recovery Limited is a limited company registered in England, registration number 09132173. Our registered office is St Ann's Manor, 6-8 St Ann Street, Salisbury, Wiltshire, SP1 2DN. Our VAT registration number is 206 5044 42. We are registered with the Information Commissioner as a data controller, details about our registration can be viewed under registration number ZA114134.
 
 
Terms & Conditions
Privacy Policy (GDPR) / Cookies / Site Map