What are the different types of Liquidation and who may commence proceedings?
ANSWER
Types of winding-up
i) Compulsory winding up or winding up the court.
ii) Winding up subject to the supervision of the court.
iii) Voluntary winding up.
Who may commence proceedings? Compulsory winding up
• The company
• Creditors
• Contributories
• The attorney general
• The official receiver
• Members other than contributories.
Winding up under the supervision of the court
• The creditors
• The official receiver
• Members
Voluntary winding-up
• Shareholders
• Creditors