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Creditors’ Voluntary winding up

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Creditors’ Voluntary winding up

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Vijay.
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  • March 22, 2021 at 11:00 am #614953
    KTWild
    • Topics: 1
    • Replies: 0
    • ☆

    Hello, I hope you can help. When completing the mock exams I seem to get this question wrong each time. In the Kaplan text book it states that in a creditors’ voluntary winding up the ‘creditors’ have the ultimate decision when choosing the liquidator. According to the mock exam it is the ‘members’ who appoint the liquidator. Please help clarify.

    March 22, 2021 at 7:52 pm #614990
    Vijay
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    Hi

    So in a Creditors Voluntary Liquidation (CVL) it will be the members (shareholders) that will initially appoint a liquidator. However, if the Creditors do not like this liquidator then they can appoint their own liquidator and have the final say.

    I hope this helps?

    Kind regards,

    Vijay

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