voluntary liquidation

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 Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • voluntary liquidation — liquidation proceedings that are supported by a company s shareholders. Bloomberg Financial Dictionary Usually relates to an insolvent company and is started by a resolution of its shareholders. HM Customs & Revenue Glossary * * * voluntary… …   Financial and business terms

  • 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

  • voluntary liquidation — liquidation of a company according to the request of the company s shareholders …   English contemporary dictionary

  • voluntary liquidation — The closing of a solvent bank and the liquidation of the business pursuant to the vote of the stockholders holding a certain percentage (usually 2/3) of the shares of the bank. 10 Am J2d Banks §828. See voluntary dissolution …   Ballentine's law dictionary

  • voluntary liquidation — /ˌvɒlənt(ə)ri ˌlɪkwɪ deɪʃ(ə)n/ noun a situation where a company itself decides it must close and sell its assets …   Dictionary of banking and finance

  • 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

  • creditors' voluntary liquidation — Under section 90 and Chapter IV of Part IV of the Insolvency Act 1986 liquidation of a company which is unable to pay its debts in full within a period of twelve months which is commenced by a resolution of shareholders although under the control …   Law 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