ACCA AAA ^UK Syllabus F. Other Assignments - Voluntary Liquidations - Notes ^{4 / 8}

Creditors' Voluntary Winding up (Liquidation)

Here the company is insolvent so the members liquidate it in consultation with creditors

• Assets are sold

• Debts paid out

• Any surplus returned to members

Members' Voluntary Winding up (Liquidation)

Here the company is solvent and the members simply decide to 'kill it off'

She is an officer of the court.

Appointed as liquidator of any company ordered to be wound up by the court, although an insolvency practitioner may replace them.