By contrast, an insolvent company can be wound up by the court or by a creditors' voluntary winding up.
A common reason for liquidation is for the directors/shareholders to close a company which has accumulated large reserves and to realise the value in a tax efficient way.
For a more detailed explanation of a Members Voluntary Liquidation click here Creditors Voluntary Liquidation – where a company can no longer meet it’s debts as they fall due i.e. For a more detailed explanation of a Creditors Voluntary Liquidation click here Court Liquidation – where a company, through either it’s directors or creditors, makes an application through the courts to have a Liquidator appointed specialise in providing experienced Liquidators for Members Voluntary Liquidations and Creditors Voluntary Liquidations.
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The company's bookkeeping record includes a total of the amount in this account adjusted for distributions the partner received, additional investments, and the partner's share of company losses.
The liquidation of a partnership starts with a review of the company's assets, including property and cash, and its debts.