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Posted by / 16-Feb-2017 04:04

Cost of liquidating a company

Find out more Sometimes no matter how hard you work or invest in your business, it can still go sideways.

It can happen for a number of reasons, but regardless of why, we’re here to help you wind things up so you can get on with your life.

Upon the completion of the liquidation, the company goes into dissolution and it ceases to exist.

The purposes of a liquidation are: Just distribution of assets When a company is being wound up, the company’s business ceases to operate and its assets and affairs are handed over to an independent liquidator whose powers, duties and functions are regulated by the Companies Act (Cap 50).

A Creditors Voluntary Liquidation (CVL) is the solution to choose when the company is insolvent and is no longer viable.

It’s simply agreed to by the Directors and Shareholders, with a Registered Liquidator being appointed to handle the affairs.

It is adopted where the company is able to pay its debts in full within 12 months after the commencement of winding up.

The directors of the Company are required to file a declaration of solvency.

If you do stop trading you then need to decide on the best way to dissolve (close) your limited company.Reasons for Liquidation We have experience in handling all modes of closing down of a company, namely: For striking-off, the directors will each have to make a declaration stating that the Company has either not commenced business since incorporation or have ceased business, have no assets and liabilities as well as do not have any dues to the authorities.Thereafter, the directors will proposed and the shareholders will approve the application to strike-off the company.Find out more A Members Voluntary Liquidations (MVL) is where a company is trading solvent but the Directors and Shareholders wish to wind up the affairs of the company and deregister it.This is often the case in situations where the future might not be viable for the business; taking the smart option to wind it up before trouble hits.

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Find out more A Provisional Liquidation is where a Court has appointed a Liquidator to manage the affairs of a company if it’s believed that the assets of the company may be at risk of loss or being taken in some form.

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