Creditors’ Voluntary Liquidation Process and Procedure

Telephone Call

When you contact the office to discuss your situation, you will speak to a member of our management team or one of our Insolvency Practitioners. They will ask you for details of your company’s current financial situation (assets and liabilities), along with any pressure you are receiving from creditors and your plans for the future to gather together information to enable them to review the options available to you. Our aim will be to provide you with details of all of these options and suggest which may best suit your situation.

Face to face meeting

If required, we will arrange a face-to-face meeting with you, your Board of Directors and one of our Insolvency Practitioners at a location convenient for you. Here you will go into further details about you/your company and we can help you decide on the best option for you going forward.


Once you have been provided with your specific advice and you have chosen to proceed with the Liquidation, you will formally engage Parker Andrews to deal with taking the necessary steps to place the company into Liquidation. From this, we become the point of contact for all creditors and customers and will ask that all correspondence for the company be redirected to us so that we can deal with answering queries on your behalf.

Gathering Information

We will provide you with a ‘fact find document’ to complete providing us with the necessary details to prepare the paperwork for the meetings of members and creditors. You can complete this yourself, or with the assistance of a member of our staff. We will also request any financial records you can provide including, if applicable, a backup of any working accounting records.

Calling the Meetings of Members and Creditors

Once we have obtained sufficient information to prepare the necessary documentation, we will prepare notices to be sent to members and creditors to hold the meetings to place the company into Liquidation. We will also place an advert in the London Gazette.

Statement of Affairs and Report to the Meeting of Creditors

In preparation for the meeting of creditors, we will assist you to prepare a Statement of the Company’s affairs based on the financial information you provide us with. We also compile a report to the creditors meeting which includes statutory information, a company history which is re-worked into our standard format from information provided by you, and a summary of financial information.

The Meetings of Members and Creditors

A meeting of the company’s members will be held to pass a special resolution to wind up the company, and an ordinary resolution to appoint a Liquidator. Once the special resolution is passed, the company is in Liquidation. A meeting of the company’s creditors is then held to ratify the member’s choice of Liquidator, and pass a number of other resolutions. The Statement of Affairs and report to the meeting of creditors are presented to the meeting and, should any creditors attend the meeting, they are invited to ask any questions they have which are to be answered by yourself or the Liquidator on your behalf.


Once the company is in Liquidation, the Liquidator will complete their statutory duties, realise the assets owned by the company and report to creditors on the progress before calling a final meeting to close the Liquidation.