Through the company liquidation process, the first thing to do is to appoint a Liquidator, who takes control of the company. He/she takes control of the companies affairs, does his/her best to pay out the creditors and then winds the company up.
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Creditors Voluntary Liquidation is the most common type of insolvency, and as a result commences in the following ways:
The court appointed liquidation procedure appoints a liquidator to wind up a company, through an application, which is usually submitted by a creditor. Moreover, a director or majority of shareholders may produce a winding up application.
Unsecured creditors can no longer commence legal action against the company unless the court permits it, once the company has gone into liquidation.
Additionally the liquidator is not required to call creditors to a final meeting in a court liquidation.
Due to a company trading insolvent, creditors can vote for liquidation, which then follows through to a voluntary administration. Similarly this can lead to a terminated deed of the companies procedure, or shareholders appoint a liquidator to liquidate a company.
The liquidator must hold a final creditors meeting so they can give a run down of how the liquidation has proceeded and how the realisation of assets have been dealt with. This is only in a voluntary liquidation.
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