You may choose members’ voluntary liquidation if your company is ‘solvent’ (can pay its debts) and:
- you want to retire
- you want to step down from the family business and nobody else wants to run it
- you don’t want to run the business any more
There are 6 steps to voluntary liquidation.
- Download a ‘Declaration of solvency’ (form 4.70) or, if your company is in Scotland, ask the Accountant in Bankruptcy for form 4.25.
- Fill in the declaration – it must be signed by the majority of directors.
- Call a general meeting with shareholders at least 5 weeks later and pass a resolution for voluntary winding up.
- Advertise the resolution in The Gazette within 14 days.
- Appoint an authorised insolvency practitioner as a liquidator who will take charge of winding up the company.
- Send your signed form to Companies House or the Accountant in Bankruptcy (for Scottish companies), within 15 days of passing the resolution.
Cardiff CF14 3UZ