Not all the directors/shareholders agree to a Creditors Voluntary Liquidation process – can it still happen?
Yes. The board of directors will usually be the ones who decide to take steps to place the company into liquidation. The requisite voting majority will be set out in the company’s memorandum and articles of association, but is typically a simple majority.
At the members meeting, the shareholders will be asked to vote upon a special resolution. This means that at least 75% of the votes received at the meeting must be in favour of the liquidation. If this is not achievable but action needs to be taken to place the company into an insolvency process, you may need to consider a Compulsory Winding-Up or Administration. We can advise you on the appropriate steps to take.