Voluntary Liquidation is a when a company takes it upon themselves to use an Insolvency Practitioner to start Liquidating their company.
If you are a director of a limited company you, and any partners or shareholders, can opt to liquidate your company when things are getting difficult.
For an insolvent company, directors can wind up their company through a creditors voluntary liquidation or a compulsory liquidation.
Creditors can also apply to wind-up an insolvent company up through compulsory liquidation.
It will be removed (‘struck off’) from the register at Companies House, which means it ceases to exist. For a solvent company whose directors have decided to stop trading it’s members voluntary liquidation.
Alternatively you can choose to close your company by striking it off the Companies Register.
§347 Section 347 addresses the treatment of unclaimed funds in all cases under Title 11. Examples of cases in which undistributed funds might fall through the cracks of §347(b) include, but are certainly not limited to, (1) liquidating chapter 11 cases that do not involve a single entity that purchased substantially all of the debtor's assets, (2) liquidating chapter 11 cases that sell substantially all of the debtor's assets to one entity that itself is not in existence or in a position to accept the unclaimed funds five years from the date of the confirmation order, (3) liquidating chapter 11 cases in which the party entitled to a distribution rejects the distribution due to it because, , it has determined that it is not cost-effective to locate and make distribution to the parties beneficially entitled thereto, and (4) liquidating chapter 11 cases in which the debtor entity has been legally extinguished and the funds remaining on hand five years from the date of the confirmation order are the proceeds of litigation claims (and not the proceeds from the sale of the debtor's assets).