A company can undergo liquidation in two primary ways: voluntary liquidation or compulsory liquidation. Voluntary liquidation is initiated through a decision made in accordance with applicable laws, often driven by a consensus among shareholders or a resolution passed by the company's governing body. Compulsory liquidation, on the other hand, is mandated by a court order, typically due to insolvency or serious legal violations.
Regardless of the type of liquidation, a company is not officially dissolved until all liquidation procedures are completed as required by law. The process involves several critical steps to ensure a smooth and legally compliant dissolution of the company.
Our firm offers comprehensive company liquidation services, designed to guide companies through every step of the process. The first stage involves appointing a liquidator, whose responsibility is to manage the company's affairs during the liquidation period. The liquidator is tasked with assessing the company's financial status, identifying all assets, liabilities, and obligations, and ensuring that the company's resources are distributed appropriately and in accordance with the law.
In addition to overseeing the winding down of operations, the liquidator is responsible for completing any pending business transactions that were initiated before the liquidation decision. This includes closing contracts, settling outstanding debts, and liquidating assets to satisfy creditors. The liquidator must also ensure that all required documentation and financial records are maintained and that the company's assets are distributed according to the legal hierarchy of claims.
Our firm's approach to company liquidation is thorough and methodical, providing clarity and guidance throughout the process. We work closely with clients to ensure that all legal requirements are met, and we strive to resolve any disputes or issues that may arise during the liquidation process. This approach helps ensure a fair and orderly resolution, allowing the company to be formally dissolved with all rights and obligations appropriately addressed.