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Corporate structuring is able to help you in reorganizing the legal, ownership, operational, or other structures of your company for the purpose of making it more profitable, or better organized for its present needs.
Creditors’ Voluntary Winding up
Creditors' Voluntary Winding Up is the liquidation of the assets of an insolvent company by its shareholders & creditors without involving any court procedure.
Although it is initiated when the shareholders adopt a resolution for voluntary winding up of the company, it is the unsecured creditors who have the right to appoint the liquidator.
Members’ Voluntary Winding up
Members' Voluntary Winding Up is the liquidation of a solvent firm by adoption of a resolution for voluntary winding up of the business by its shareholders who also choose and appoint the liquidator.
Since it is not an insolvency procedure, it requires a declaration of solvency by the firm's board of directors (it is commonly a criminal offense to make this declaration without sound grounds).
Although the involvement of a court is not required, a qualified liquidator must be appointed after the resolution.
If it is discovered that the firm's assets will not be sufficient to cover its debts, the unsecured creditors can take charge of the liquidation process by converting the liquidation into a Creditors’ winding up.