TIMELINE FOR CVL
| Directors instruct a licensed insolvency practitioner | |
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Board meeting
Resolve to convene a general meeting of shareholders Resolve to appoint Liquidator9s) Nominate director(s) to verify the statement of affairs by a statement of truth Nominate director to convene the decision procedure Obtain authorised by the Board to sign notices on its behalf and to act as convener of the decision procedure |
CA 1985 Table A: 21 days clear notice to 95% consented to short note
Quorum 2 CA 2006: 14 days clear notice 90% (95% for Plcs) consented to short notice Quorum 2
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Members Meeting or written resolutions
To wind up the Company voluntarily To appoint Liquidator(s)
Notices will need to be sent to all creditors on the same business day.
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Within 7 days
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Notices Issued Deemed Consent procedure or virtual meeting
Resolutions: creditors nominate Liquidator(s)
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No earlier than three days after the notice is delivered and no later than 14 days after the shareholders’ meeting.
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Statement of Affairs
Nominated directors verify statement of affairs Statement of affairs sent to Creditors
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Before the end of the period of 7 days beginning with the day after the day on which the company passes a resolution for voluntary winding up |
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Insolvency Practitioner Report
Brief trading history Extracts from the company’s recent accounts A deficiency account
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Members meeting or written resolutions
Extraordinary or special resolution to voluntarily wound up company Ordinary resolution appointing an Insolvency Practitioners as Liquidator.
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Quorate
% pass |
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SofA
IPs Report No more than 14 days prior to winding up resolution |
Made available to creditors the day before the decision date, at the latest.
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Decision by the creditors
Creditors have the opportunity to nominate Liquidators in place of the Liquidators appointed by the members, Appoint a Committee to assist the Liquidator, In the absence of a Committee, approve any pre-liquidation fees not already paid, where they are to be paid from asset realisations in the liquidation.
There are two ways the creditors can nominate a Liquidator.
Deemed Consent procedure – 3 clear business days before where the Liquidators appointed by the members will be automatically nominated by the creditors, unless sufficient creditors object;
Virtual Meeting that is one where the participants are not present in the same location, but where they can communicate directly with one another and the chairman of the meeting. A Director will need to act as Chair Quorate %
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| QFCH 5 business days notice | |
| Request Physical Meeting | |
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if creditors requesting a meeting represent a minimum of 10% in value or 10% in number of creditors, or simply 10 creditors, where “creditors” means “all creditors”.
By 23.59 days before |