Estates: When is a company or a close corporation liquidated?
21 July 2022
Information
The liquidation or the “winding-up” of a company takes place:
- When a company is unable to pay its debts by application of the creditors; or a voluntary application by shareholders of a company or members of a close corporation (commonly referred to as a creditors’ voluntary liquidation); or
- In the case of a solvent company/close corporation, by an application by shareholders of a company or members of a close corporation.
For more information, see the new Liquidations webpage with Frequently Asked Questions here.
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