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 ?
John Southall, a director of Birmingham Properties Group, said: "We can confirm that Brindley Construction, the contractor at our Moseley Central scheme, has gone into voluntary liquidation due to problems arising on other sites not connected to this scheme.
An Insolvency Service investigation following the liquidation found that Lee Garvey was appointed director from 12 March 2015 until 11 May 2017 the date of Creditors Voluntary Liquidation.
"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.
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.
However, he had no intention to engage in banking business and opted for the voluntary liquidation of financial institutions.
THIRTY-FOUR ex-Bahrain Air staff are seeking a total of BD700,000 in compensation for losing their jobs when the carrier went into voluntary liquidation on February 12.
Secretts Direct went into voluntary liquidation last week.
Centaur Corporate Holdings Limited, the company behind the ground-breaking initiative pitched as the "the UK's first regulated sports fund", this week went into voluntary liquidation.
Dragon Rescue, whose headquarters were based at Rover Way, Tremorfa, Cardiff, was placed in voluntary liquidation on September 1.
Shareholders have until today to vote on the voluntary liquidation of Jessops, which owned the group's 213 stores and website until September last year.
Shareholders have until today to vote on the voluntary liquidation of Jessops plc, who owned the group's 213 stores and website until September last year.
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