Voluntary Liquidation is for companies that have no other options left and want the company to wound up in terms of the insolvency laws of South Africa.
Voluntary Liquidation is the process in which a company is shut down and a professional Liquidator is appointed. Proceeds from the sale of assets are paid to creditors. In order to assure that all classes of creditors are compensated, the liquidation process will pay secured and preferential creditors first, and thereafter concurrent creditors.