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What is the difference between a voluntary and a compulsory liquidation?

April 26, 2017compulsory difference Liquidation Voluntary

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What is the difference between a voluntary and a compulsory liquidation?

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A voluntary liquidation, which can be either a members’ voluntary liquidation or a creditors’ voluntary liquidation, is brought about by resolution of the company and is conducted by a qualified practitioner. A compulsory liquidation is brought about by an order of the Court and can be conducted by the Official Receiver or a qualified practitioner.