Bankruptcy, Individual Voluntary Arrangement and Winding-up of Companies
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F. Voluntary winding-up by the company itself

No matter whether the company is in financial difficulty or not, it may hold a general meeting of its shareholders to bring itself to an end by winding-up procedures. If a special resolution is passed for winding-up, the company may then apply to the Court for a winding-up order (via procedures similar to a creditor's petition).

Alternatively, a special resolution that the company be wound up voluntarily may be passed. In that case, no winding-up order from the Court is necessary.

  1. My company is in heavy debt and we will not be able to continue business or pay off the debts. What should be done to bring the company to an end?
  2. What are the effects of voluntary winding-up?