Companies Act 2014 section 706

Final meeting and dissolution in creditors' voluntary winding up

Section 706 sets out the steps a liquidator must follow to hold the final meetings, file the required documents with the Registrar, and bring about the dissolution of a company in a creditors' voluntary winding up.

• Once winding up is complete, the liquidator must prepare a final account showing how the process was conducted and how the company's property was disposed of, then present it at a general meeting of members and a separate meeting of creditors, each called on at least 28 days' written notice.
• Within 7 days after the meetings (or the later meeting if held on different dates), the liquidator must send a copy of the account to the Registrar and file a return confirming the meetings were held and their dates; if a quorum was not present at either meeting, an alternative return stating the meeting was properly called but inquorate will satisfy the requirement.
• Once the Registrar registers the account and the returns, the company is automatically dissolved 3 months after the date of registration, although the court may, on application by the liquidator or any other interested party, defer the dissolution date for such period as it sees fit.
• Failure by the liquidator to send the account, make the required returns, or call the meetings is a category 3 offence, and any person who obtains a court order deferring dissolution must deliver a certified copy to the Registrar within 14 days or likewise commit a category 3 offence.

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