What are the types of liquidation?

Voluntary Liquidation:

1. Members Voluntary Liquidation: Occurs when a company is solvent and chooses to wind down its operations. Creditors are paid off, and any remaining assets are distributed among the shareholders.

2. Creditors' Voluntary Liquidation: Occurs when the company is unable to pay its debts, and creditors decide to wind up the company.

Compulsory Liquidation:

1. Winding Up by the Court: Occurs when a court orders the winding up of a company due to insolvency or other legal reasons.

2. Winding Up by the Registrar: Occurs when a company fails to comply with legal requirements, such as filing annual reports.

Administration:

A process where an independent administrator is appointed to manage a company's business and assets in order to rescue the company or achieve a better outcome for creditors than in a winding-up.

Receivership:

An insolvency procedure where a receiver is appointed to manage the assets and affairs of a company, typically on behalf of secured creditors.