cryptohunter
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In the UK, when a company decides to shut down on its own terms, it's called voluntary dissolution. This is a formal process, and the company's leaders called directors start it with the approval of the owners.
The directors have a meeting to suggest the shutdown, and they make an official decision. After that, the owners need to agree with a special decision, usually needing at least 75% of their votes. Before moving forward, the directors sign a document called "Declaration of Solvency," saying the company can pay off its debts in the next year.
The next big step is sending various papers, like the special decision and Declaration of Solvency, to Companies House, a government agency. This agency then tells creditors and others about the shutdown plans, giving them a chance to raise any concerns.
The directors have a meeting to suggest the shutdown, and they make an official decision. After that, the owners need to agree with a special decision, usually needing at least 75% of their votes. Before moving forward, the directors sign a document called "Declaration of Solvency," saying the company can pay off its debts in the next year.
The next big step is sending various papers, like the special decision and Declaration of Solvency, to Companies House, a government agency. This agency then tells creditors and others about the shutdown plans, giving them a chance to raise any concerns.