What Is a Voluntary Liquidation?

什么是自愿清算？

A voluntary liquidation is a self-imposed windup and dissolution of a company that has been approved by its shareholders. Such a decision will happen once an organization’s leadership decides that the company has no reason to continue operating. It is not a compulsory order by a court.

自愿清算是公司经股东批准后自行停业和解散。一旦一个组织的领导层认定公司没有理由继续运营，就会做出这样的决定。这不是法院的强制命令。

The purpose is to terminate a company’s operations, wrap up its financial affairs, and dismantle its corporate structure in an orderly fashion while paying back creditors according to their assigned priority.

目的是终止一家公司的运营，结束其财务事务，并以有序的方式解散其公司结构，同时根据债权人的指定优先级偿还债权人。

Understanding a Voluntary Liquidation

关于自愿清算

A voluntary liquidation resolution must be initiated by a company’s board of directors or ownership. The process begins after a resolution to cease operations (assuming that operations are ongoing) is approved by the company’s shareholders. The shareholder vote allows the liquidation of assets to free up funds to pay debts.

自愿清算决议必须由公司董事会或基于所有权发起。该流程在公司股东批准停止运营的决议（假设运营仍在进行）后开始。股东投票允许清算资产以释放资金来偿还债务。

A voluntary liquidation stands in contrast to a forced liquidation, which involves the involuntary sale of assets or securities to create liquidity due to an unforeseen or uncontrollable situation.

自愿清算与强制清算相反，强制清算涉及由于无法预见或无法控制的情况而非自愿出售资产或证券以创造流动性。

The reasons for a voluntary liquidation are numerous. It may happen due to unfavorable business conditions, such as operating at a loss or the market moving in another direction, or business strategy considerations. Ownership may want to exact a degree of tax relief for shutting down or decide to reorganize and transfer assets to another company in exchange for an ownership or equity stake in the acquiring company.

自愿清算的原因很多。它可能是由于不利的业务情况而发生的，例如亏损经营或与市场发展背道而驰，或基于业务战略考虑。所有权人可能希望就关闭或决定重组和转移资产到另一家公司以换取收购公司的所有权或股权而获得一定程度的税收减免。

In some cases, the liquidating company was only meant to exist for a limited amount of time or for a specific purpose that has been fulfilled. It can also be due to a key company member leaving, which causes the shareholders to decide not to continue operations.

在某些情况下，清算公司的存在时间有限，或者是为了实现特定的目的。这也可能是由于一名重要的公司成员离职，导致股东决定不再继续经营。

Voluntary Liquidation Process

自愿清算过程

In the United States, a voluntary liquidation may begin with the occurrence of an event as specified by a company’s board of directors. In such cases, a liquidator who answers to shareholders and creditors is appointed.

在美国，自愿清算可能始于公司董事会指定的事件的发生。在这种情况下，将任命一名对股东和债权人负责的清算人。

If the company is solvent, the shareholders can supervise the voluntary liquidation. If the company is not solvent, creditors and shareholders may control the liquidation process by getting a court order. Unless the U.S. Comptroller of the Currency waives this requirement, stockholders owning two-thirds of the company’s shares must vote in favor of the voluntary liquidation.

如果公司有偿付能力，股东可以对自愿清算进行监督。如果公司没有偿付能力，债权人和股东可以通过获得法院命令来控制清算过程。除非美国货币监理署放弃这一要求，否则拥有该公司三分之二股份的股东必须投票赞成自愿清算。

Voluntary liquidations in the United Kingdom are divided into two categories. One is the creditors’ voluntary liquidation, which occurs under a state of corporate insolvency. The other is the members’ voluntary liquidation, which only requires a corporate declaration of bankruptcy.

在英国，自愿清算分为两类。一种是债权人自愿清算，在公司破产的情况下发生。另一种是股东自愿清算，只需要公司宣布破产。

Under the second category, the firm is solvent but needs to liquidate its assets to meet its upcoming obligations. Stockholders owning three-quarters of a company’s shares must vote in favor of a voluntary liquidation resolution for the motion to pass.

在第二种情况下，公司有偿付能力，但需要清算资产来偿还即将到期的债务。拥有公司四分之三股份的股东必须投票赞成自愿清算决议，以通过动议。

What Is a Voluntary Liquidation?

什么是自愿清算？

A voluntary liquidation involves the winding up of a company’s affairs and the selling of its assets, which funds the settling of its debts. It results in the dissolution of the company.

自愿清算包括清盘公司事务和出售资产，为清偿债务提供资金。它导致公司解散。

Who Institutes a Voluntary Liquidation?

谁发起自愿清算？

The company’s ownership or board of directors must initiate the process, but generally, the decision must be approved by a vote of those holding either two-thirds of the company’s shares (U.S.) or three-fourths of them (U.K.).

公司的所有权人或董事会必须启动这一程序，但通常情况下，该决定必须由持有公司三分之二股份（美国）或四分之三股份（英国）的股东投票批准。

Why Would a Company Choose a Voluntary Liquidation?

为什么一家公司会选择自愿清算？

The reasons are numerous, ranging from unfavorable business conditions that threaten the company’s future to the loss of a key figure that the ownership does not think it can survive without. The company may have been designed to be in business only for a set amount of time or for a specific purpose that has been fulfilled. The company could also be seeking tax relief or looking to reorganize and transfer assets to another company.

原因有很多，从威胁公司未来发展的不利业务情况到失去一位关键人物，而这位人物是所有权人认为没有他公司就无法生存的。该公司可能旨在仅在规定的时间内或为已实现的特定目的开展业务。该公司还可能寻求税收减免或寻求重组并将资产转移到另一家公司。

The Bottom Line

关键信息

Voluntary liquidation is a process by which a company ceases doing business without a court order requiring dissolution. The process is slightly different in the U.S. and the U.K., but both require that the board of directors institute the process and that a specified percentage of shareholders approve it. Depending on the situation, a company’s creditors may also be involved in instigating or carrying out the liquidation.

自愿清算是公司在没有法院命令要求解散的情况下停止经营的过程。美国和英国的流程略有不同，但都需要董事会发起流程，并由特定比例的股东予以批准。根据具体情况，公司的债权人也可能参与发起或执行清算。

（英文来源：Investopedia）