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voluntary liquidation
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voluntary liquidation

Resolution by the members of a company to appoint a liquidator to wind up the company. In a creditors' liquidation the company is insolvent. In a voluntary, or members', liquidation the company is solvent and the directors must make a declaration to this effect. If it appears to the liquidator that the company will be unable to meet its debts then they will call a meeting of the creditors and a compulsory liquidation will take place.
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