You may well feel that your business dreams are at an end.Yet it is much more likely to be just a blip in your life.
Physical meetings are no longer mandatory by law, therefore the process is now slightly different but the meeting still takes place - whether it is online or over the phone. The meeting of creditors is usually a simple short meeting with no one attending and can be done online or by phone conference.So, this is why it's called Creditors Voluntary Liquidation.It's very common, quick and a very powerful way to close a business and deal with things properly. This is because assets tend to be sold for small amounts of money by liquidators as there are very few buyers. Once the company is "in liquidation" the directors have to fill out a detailed questionnaire for the liquidator.Reasons for winding up a company Members' voluntary winding up The company’s contributories (also known as members or shareholders) may pass a resolution that the company be wound up and that a liquidator be appointed.The liquidation commences at the time of passing the resolution.