Legal Blog - Louwrens Koen Attorneys #company debt
This article discusses the meaning of voluntary liquidation and its implications for businesses. Voluntary liquidation is a legal process that involves formally closing a business and distributing its assets to creditors or shareholders. The process entails several steps, such as document preparation, liquidator appointment, meetings with creditors and shareholders, claim verification, asset realization, and proceeds distribution to creditors. When a company is insolvent, meaning it cannot pay its debts, liquidation may be the only viable option.
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