members' voluntary liquidation


members' voluntary liquidation
= members' voluntary winding-up
The winding-up of a company by a special resolution of the members in circumstances in which the company is solvent. Before making the winding-up resolution, the directors must make a declaration of solvency It is a criminal offence to make such a declaration without reasonable grounds for believing that it is true. When the resolution has been passed, a liquidator is appointed; if, during the course of the winding-up, the liquidator believes that the company will not be able to pay its debts, a meeting of creditors must be called and the winding-up is treated as a members' compulsory liquidation

Big dictionary of business and management. 2014.

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  • members' voluntary liquidation — Under sections 89 and 90 of the Insolvency Act 1986, liquidation of a company which is able to pay or provide for all of its debts in full within a twelve month period. The procedure is commenced by a resolution of the shareholders. Easyform… …   Law dictionary

  • members' voluntary liquidation — members voluntary winding up The winding up of a company by a special resolution of the members in circumstances in which the company is solvent. Before making the winding up resolution, the directors must make a declaration of solvency. It is a… …   Accounting dictionary

  • members' voluntary winding-up — members voluntary liquidation …   Accounting dictionary

  • voluntary liquidation — A non court based procedure to wind up or liquidate a company. There are two types of voluntary liquidation: • members voluntary liquidation of solvent companies; and • creditors voluntary liquidation of insolvent companies. Practical Law Di …   Law dictionary

  • voluntary liquidation — voluntary winding up See: creditors voluntary liquidation, members voluntary liquidation …   Accounting dictionary

  • voluntary liquidation — voluntary winding up See creditors voluntary liquidation; members voluntary liquidation …   Big dictionary of business and management

  • Voluntary Liquidation — A corporate liquidation that has been approved by the shareholders of the company. Voluntary liquidations stand in contrast to involuntary liquidations, which are a result of Chapter 7 bankruptcy. The shareholder vote allows the company to… …   Investment dictionary

  • creditors' voluntary liquidation — CVL The winding up of a company by special resolution of the members when it is insolvent. A meeting of creditors must be held within 14 days of such a resolution and the creditors must be given seven days notice of the meeting. The creditors… …   Accounting dictionary

  • creditors' voluntary liquidation — CVL The winding up of a company by special resolution of the members when it is insolvent. A meeting of creditors must be held within 14 days of such a resolution and the creditors must be given seven days notice of the meeting. The creditors… …   Big dictionary of business and management

  • liquidation — winding up The distribution of a company s assets among its creditors and members prior to its dissolution. This brings the life of the company to an end. The liquidation may be voluntary (see creditors voluntary liquidation, members voluntary… …   Accounting dictionary