This is a solvent liquidation that is under the control of the shareholders.
A meeting of shareholders is convened to appoint a liquidator. A Declaration of Solvency must be sworn by a majority of the Directors, which includes a statement of the company's assets and liabilities and the fact that the creditors will be paid within twelve months. It is a criminal offence to swear a false declaration.
The liquidators role is to advise and agree creditor claims and then return the surplus funds to the shareholders after paying all liabilities and costs first.
For further advice and assistance regarding any aspect of the above insolvency procedure, please contact BRI. We will discuss, free of charge, any further implications and alternatives with you. |
