Week 12 - Creditors' Voluntary Winding Up Flashcards
1
Q
How does creditors’ voluntary winding up work?
A
Company must call a meeting of creditors who can then nominate a liquidator
2
Q
What can creditors do?
A
Go to court and ask that the power be taken out of their hands
3
Q
Why would they do this?
A
The creditors want them to sell of assets as its the only way to get any payment back
