Procedure liquidating a company kenya boomer dating advice

Posted by / 08-Nov-2017 19:36

A voluntary liquidation may also by commenced by the board of directors if an event specified in the company's constitution has occurred.

Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.

Broadly speaking, the liquidation process is as follows: There is a hierarchy that determines the order in which a company's assets must be distributed in a liquidation. Any secured creditors have the first right to the assets and are usually paid out before there is a distribution.

Liquidation or winding up refers to the process whereby the company gives up its business, sells off its assets , pays its debts and distributes whatever surplus remains amongst its members or otherwise as its constitution may provide.

After these steps have been carried out, the company is formally dissolved.

The law classifies liquidations into two types: voluntary (which is by a shareholders' resolution) or compulsory (by a court order).

The application may be brought by the company or a majority of its directors, or by the Registrar of Companies, or by a creditor.

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If the company is solvent the shareholders can supervise the liquidation.

However, if the company is insolvent, the creditors may take control of the liquidation process by applying to the court.

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