- They own at least 5% of the ordinary voting shares.
- They are a director.
- They have owned the shares for 12 months.
- The company actually carried out a trade.
- Finally the company must be wound up within 36 months of the date trading ended.
Once the shareholders are at that stage they should find an experienced and qualified Licensed Insolvency Practitioner and obtain a fixed fee quote to wind up the business as a Members Voluntary Liquidation.
From the date of the first enquiry usually it takes about 7 days to place the company into liquidation (if the shareholders are ready to proceed) and then another 7 days to pay out the majority of the funds. There is then a period of usually 3 to 6 months before the company can be finally dissolved.