members' voluntary liquidation

= members' voluntary winding-up
The winding-up of a company by a special resolution of the members in circumstances in which the company is solvent. Before making the winding-up resolution, the directors must make a declaration of solvency. It is a criminal offence to make such a declaration without reasonable grounds for believing that it is true. When the resolution has been passed, a liquidator is appointed; if, during the course of the winding-up, the liquidator believes that the company will not be able to pay its debts, a meeting of creditors must be called and the winding-up is treated as a members' compulsory liquidation

Accounting dictionary. 2014.

Look at other dictionaries:

  • members' voluntary liquidation — Under sections 89 and 90 of the Insolvency Act 1986, liquidation of a company which is able to pay or provide for all of its debts in full within a twelve month period. The procedure is commenced by a resolution of the shareholders. Easyform… …   Law dictionary

  • members' voluntary liquidation — members voluntary winding up The winding up of a company by a special resolution of the members in circumstances in which the company is solvent. Before making the winding up resolution, the directors must make a declaration of solvency It is a… …   Big dictionary of business and management

  • members’ voluntary liquidation — Fin in the United Kingdom, a special resolution passed by the members of a solvent company for the winding up of the organization. Prior to the resolution the directors of the company must make a declaration of solvency. Should the appointed… …   The ultimate business dictionary

  • members' voluntary winding-up — members voluntary liquidation …   Accounting dictionary

  • voluntary liquidation — A non court based procedure to wind up or liquidate a company. There are two types of voluntary liquidation: • members voluntary liquidation of solvent companies; and • creditors voluntary liquidation of insolvent companies. Practical Law Di …   Law dictionary

  • voluntary liquidation — voluntary winding up See: creditors voluntary liquidation, members voluntary liquidation …   Accounting dictionary

  • voluntary liquidation — voluntary winding up See creditors voluntary liquidation; members voluntary liquidation …   Big dictionary of business and management

  • Voluntary Liquidation — A corporate liquidation that has been approved by the shareholders of the company. Voluntary liquidations stand in contrast to involuntary liquidations, which are a result of Chapter 7 bankruptcy. The shareholder vote allows the company to… …   Investment dictionary

  • creditors' voluntary liquidation — CVL The winding up of a company by special resolution of the members when it is insolvent. A meeting of creditors must be held within 14 days of such a resolution and the creditors must be given seven days notice of the meeting. The creditors… …   Accounting dictionary

  • creditors' voluntary liquidation — CVL The winding up of a company by special resolution of the members when it is insolvent. A meeting of creditors must be held within 14 days of such a resolution and the creditors must be given seven days notice of the meeting. The creditors… …   Big dictionary of business and management

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