Under Section 241 of the Companies Act 1993, as a shareholder and/or director of a company which is unable to meet its financial obligations and you believe to be insolvent, you can seek to voluntarily place your company in liquidation.
Before making this decision, we recommend you talk to us, in conjunction with your accountant and/or lawyer, to determine whether voluntary liquidation is the best solution for your business. The optimal time to talk to us is as soon as your company starts to struggle for cash or to meet its obligations. We can then provide proactive strategies, where possible, to turn your business around and avoid liquidation. Where this is not practicable we will do our best to make sure the administration process is swift, straightforward and professional.
A Shareholder resolution to place a company in liquidation requires approval by 75% of the shareholders.