We provide liquidation service which act as the liquidator for the company and the creditors and our experience can help customers to reduce their unnecessary cost and time wasted on studying the winding-up procedures.
Members’ Voluntary Winding-Up Service
Companies can apply winding-up by its members only if it is solvent (it can settle all of its debts in full). If company dissolve in this way, the directors of the company has to issue a certificate of solvency with signed by a majority of directors (if more than two directors). Also, directors have to convent an extraordinary general meeting to passing the resolution for members’ voluntary winding-up, appointing liquidator(s), and to grant liquidator(s) the power to distribute the assets of the company in cash or in “specie”.
Creditors’ Voluntary Winding-Up Service
Company winding-up in this way will be more expensive and complicated and normally it will apply to company which is insolvent. First of all, a statement of affairs (a list of creditors and estimate of their claims) has to be prepared by the company. Then directors have to convent an extraordinary general meeting to passing the special resolution for the winding-up and appointing liquidator(s). At the same day, another meeting will be convened by creditors to consider the execution of the statement of affairs and appointing liquidator(s). Where different liquidators have been appointed by the creditors and members, then the creditors’ choice shall be taken.
We provide a free-of-charge preliminary consultancy and assessment. Quotation will be given after preliminary assessment on the company’s situation and the scope of services required.