If the directors and or shareholders of a limited company decide that they no longer want to continue to trade, then they need to formally close the company. This process is called Members Voluntary Liquidation.
This form of company liquidation is voluntary because the directors and/or shareholders decide to close the business rather than being forced to do so because the company has run out of cash or has become insolvent
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A member’s voluntary liquidation will normally be planned for a number of months meaning that suppliers, customers and employees will have significant warning of the planned closure.
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