Voluntary liquidation


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Related to Voluntary liquidation: Members voluntary liquidation

Voluntary liquidation

Liquidation proceedings that are supported by a company's shareholders.

Voluntary Liquidation

The decision by shareholders in a publicly-traded company to cease operations, sell all assets, and use the proceeds to repay its creditors as far as possible. A voluntary liquidation differs from a bankruptcy, where the company files with a court without taking a vote of shareholders.
References in periodicals archive ?
Smith Cooper have been instructed to assist the directors of Focus Fitness Centres Limited, to assist them in placing the company into Creditors Voluntary Liquidation," said a spokesperson for the firm.
We were told the company was going into voluntary liquidation and that the wages wouldn't be paid and neither would the Christmas bonuses which are always paid in November," he said.
The figure for the quarter is made up of 118 compulsory liquidations and 82 creditor voluntary liquidations.
In April 2014, Reviss announced that it would cease trading in cobalt-60 due to withdrawal of supply by its Russian supplier, JSC Isotope, resulting in Reviss' Solvent Members Voluntary Liquidation process which commenced in August 2015.
The GDN reported yesterday that a case was being filed next week that would challenge the voluntary liquidation and ask a court to commence bankruptcy proceedings for the carrier.
His spokeswoman said they had "gone into voluntary liquidation in order to try to protect as many people as possible".
However, investors were sent a letter this week by Keith Sobey, chairman of Centaur Corporate Holdings Limited, informing them the company, which also ran betting exchange training school Centaur Academy as well as a firm of heating engineers in Northumberland, had applied for voluntary liquidation on January 9.
Deloitte have been requested to assist the director in placing the company in creditors' voluntary liquidation.
The firm has issued a statement saying it went in to voluntary liquidation because it could not continue to trade "by reason of liabilities".
The number of food and drink companies entering into voluntary liquidation has more than doubled over the past year, according to Government figures.
Tractorul, situated in Brasov, went into voluntary liquidation under the authority of the Romanian privatisation agency AVAS.
A company which ran a watersports centre in Stockton has gone into voluntary liquidation.
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