LIQUIDATION VIA SPECIAL RESOLUTION

WHAT IS LIQUIDATION VIA SPECIAL RESOLUTION?

The concept of voluntary sequestration by an individual is also applicable on companies in that the directors may resolve to liquidate the company. This proses is applicable where the directors are of the opinion that the company is unable to fulfil the obligations to its creditors and that the liabilities exceeds the assets.

The directors must be aware that they probably signed suretyship, in their personal capacity, for all credit obtained by the company. Obviously this could have an effect on their personal estate. A further point for consideration is the lease agreement of the premises to establish the liabilities of the directors, it is advisable to consult with an expert in this field as the circumstance differ from each and every company.

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