Voluntary liquidation by members
Voluntary liquidation by creditors
When is voluntary liquidation triggered?
Comment
Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus. There are two ways in which voluntary liquidation can be triggered: by members or creditors.
Voluntary liquidation by members
Voluntary liquidation by members is the procedure pursuant to which members of a solvent company wish to bring the same to a formal end by distributing the underlined assets at a surplus to its members. By the passing of a special resolution and following the relevant procedure, the company will be deemed dissolved and will end its activities.
Applicable law
Sections 261 …
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Cyprus/AG-Erotocritou-LLC/Legal-framework-on-voluntary-liquidation-an-overview