What happens next?
A clear view of the principal stages. Move through a procedure and see what each milestone means. Practical timings and exact legal requirements depend on the case.
01
Process overview · timing variesAssess the options and preserve records
Directors establish the financial position and arrange the formal member and creditor processes.
The practical sequence and duration depend on the circumstances. This illustration is not a case-specific timetable.
For the complete explanation and authoritative references, read Creditors’ voluntary liquidation ↗
Read the whole timeline as text
- Assess the options and preserve recordsDirectors establish the financial position and arrange the formal member and creditor processes.
- Members resolve to wind upThe required member resolution starts the voluntary winding up, with the applicable appointment and creditor participation steps.
- Liquidator takes controlRecords and property pass into the liquidator’s control. Creditors receive notices and claim instructions.
- Realise assets and examine claimsAsset ownership, recoveries, investigations, costs and creditor claims are dealt with. Any dividend depends on available funds.
- Final account and dissolutionClosing reports and statutory filings precede dissolution. There is no fixed universal completion date.