LIQUIDATIONS - VOLUNTARY CIPC APPLICATION OR COURT APPLICATION?

A company or close corporation may be wound up voluntarily by directors/members or by a creditor by the adoption of a Special resolution by the company or close corporation through the Companies Offices (CIPC).

Alternatively, a company or close corporation can be liquidated in the High Court or Magistrate’s Court. An application for the liquidation will be placed on the Court roll and a provisional liquidation order granted on that day. The matter would then typically be postponed for a month or so, and if not opposed, a final order of liquidation would be granted on the return date.

Choosing the method of liquidation is critical depending on the outcomes you wish to achieve. Contact us for expert analysis and advice on how to proceed with your particular matter.