Liquidation
We provide shareholders or holding companies with services to liquidate solvent corporations. This may happen when corporations have outlived its usefulness or when members desire the assets of the corporation to be sold and distributed. This normally takes the form of a Members' Voluntary Liquidation.
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Where the corporation is insolvent and the directors and shareholders are of the view that the corporation cannot continue with its business, the directors and shareholders can proceed to wind up the corporation. Creditors also have the power to appoint a liquidator of their choice under this winding up known as Creditors' Voluntary Winding-Up.
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Where a corporation is unable to pay its creditors their amount due, creditors have the option to petition the Court to liquidate the corporation. The Liquidators appointed by the Courts take into custody all the assets of the corporation, realise these assets, distribute the proceeds based on the respective rights and entitlements to the creditors and thereafter apply to dissolve the corporation. This is normally termed as a Compulsory Winding-Up or Court Liquidation.
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