The procedure for a Members' Voluntary Liquidation is fairly straightforward. The directors of the company swear a Statutory Declaration of Solvency to the effect that the company is able to pay all its liabilities in full within 12 months. A meeting of the shareholders is convened in order to pass a winding-up resolution and appoint a Liquidator.
The duly appointed Liquidator then realises the company's assets, pays all creditors together with statutory interest and returns any surplus money to shareholders.