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Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already).A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily.For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance, and compel the liquidator to transfer title to the land to them, upon tender of the purchase price.After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets.The decision to liquidate is made by a board resolution, but instigated by the director(s).
Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.
When liquidation occurs the company does not have the power to dispose of its property.
It only remains operational in order to complete the liquidation.
Liquidation is the process in accounting by which a company is brought to an end in the United Kingdom, Australia, Republic of Ireland, Cyprus and United States.
The assets and property of the company are redistributed.