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Before any action is taken by directors
or members of a company, it is important to seek professional
advice.
This will ensure that the best route
of action is taken for the company.
It may be more cost effective not
to pursue a members voluntary liquidation but instead,
in appropriate cases to either:
- apply to the court for a "reduction
of capital" and release excess cash that way or
- pay an income dividend or
- get Inland Revenue sanction
for a "capital dividend" followed by the strike
off of the company under section 652 of the Companies Act.
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