Creditors’ Voluntary Winding-up

Creditors’ Voluntary Winding-up

Company winding-up in this way will be more expensive and complicated and normally it will apply to company which is insolvent. First of all, a statement of affairs (a list of creditors and estimate of their claims) has to be prepared by the company. Then directors have to convent an extraordinary general meeting to pass a special resolution for the approval of winding-up and appointment of liquidator(s). At the same day, another meeting of creditors will be convened to approve the statement of affairs and appointment of liquidator(s). Where different liquidators have been nominated by the creditors and members, then the creditors’ choice shall be chosen. We will provide a free-of-charge preliminary consultancy and assessment on the winding up proposal. Quotation will be given after preliminary assessment on the company’s situation and the scope of services required.