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 ?
He told the Racing Post: "Unfortunately we have had to go into voluntary liquidation.
The shareholders of IIS are not being requested at this stage to approve a merger with Witech or any other transaction; however, in the event that the shareholders of the Company approve the termination of the voluntary liquidation proceedings and the nomination of directors, the Company will proceed with its due diligence regarding Witech, then may proceed to the negotiation and execution of definitive agreements based on the principle terms agreed and may provide a bridge loan to Witech in the amount of $1,500,000.
The decision for Castlegate Quay Heritage Project to go into voluntary liquidation was taken at a meeting of company members on December 20.
Voluntary liquidation takes place when a company's promissory notes are dishonored twice, prompting a bank to stop doing business with it, or when the representative of a company concludes that it is insolvent.
Watersports association secretary David Baines said: "The decision has been taken to go into creditors' voluntary liquidation.
Wirral Security Services was placed into voluntary liquidation on 3 April 2002 with estimated debts of around pounds 147,000.
The Order incorporated the bank's voluntary liquidation plan, which was approved by the state's Department of Banking and Finance on August 9, 2002.
THE husband of TV personality Anthea Turner has revealed that one of his companies had gone into voluntary liquidation - costing him pounds 300,000.
OB) announced that its shareholders voted to approve the Company's entry into a Members' Voluntary Liquidation at an Extraordinary General Meeting of Danka shareholders held earlier today in London.
This included the Resolution to approve the cancellation of the admission of the Company's shares to trading on AIM and further Resolutions to commence a Members' Voluntary Liquidation following the Cancellation.
Cyprus Airways' creditors will convene a general assembly meeting on Friday in order to approve an extraordinary resolution of voluntary liquidation.
Recently, the GDN has reported that over 22,000 Bahrain Air tickets purchased by customers were rendered invalid when the carrier went into voluntary liquidation last month.
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