What is Advertised in The Gazette on Creditors’ Voluntary Liquidations?
For company directors choosing voluntary liquidation, it is often a point of concern what is going to be publicy advertised in the Gazette, the official journal of public record.
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Meeting of Creditors
The creditors meeting is a formal meeting in which Creditors are asked to vote on the decision to voluntarily wind up the company, and appoint a liquidator.
Resolution for Winding Up
Following the passing of the shareholders’ resolution to stop trading, the resolution to formally wind up the company must be advertised in the Gazette within 14 days.
Appointment of Liquidators
The Gazette notice will announce the choice of a liquidator, including their registered office, office holder number, date of appointment and who appointed them. It will also offer their contact details, including a telephone number.
Notice of Intended Dividends
The notice of dividends announces that, as per Rule 11.2 of the Insolvency Rules 1986, the Liquidators are ready to pay Creditors whatever they’ve been able to recoup. This notice announces to Creditors that, to be paid, it is required of them to send proof of their debts to the Insolvency Practitioner within a two month period (‘the last date of proving.’
As per Section 106 of the Insolvency Act 1986, this last notice announces a forthcoming ‘final meeting’ in which creditors will be presented with an account of how the voluntary winding up has been conducted, and what has been recouped.