This is a form of liquidation that is undertaken by a solvent company to liquidate the company's assets and wind up its affairs.
Members Voluntary Liquidation may occur when company owners no longer want to continue trading, have sold the business and seek retirement, changes in economic or environmental factors or group reorganisations.
To be able to qualify for a Members Voluntary Liquidation, company directors must declare that the company's financial obligations can be met within 12 months after the winding up of the company has been initiated. After the solvency declaration there must be a special resolution by the members of the company.
If you would like to discuss our specialist Business Recovery and Insolvency services and how we might be able to assist you, please phone our Sydney office (02) 8346 6000, Melbourne office (03) 9679 2222, Adelaide (08) 8373 5588 or Newcastle office on (02) 4962 2688.