Voluntary Liquidation is a liquidation (of a limited company) that is supported by the company shareholders (hence the term voluntary).
There are 2 types of voluntary liquidation:
A Members voluntary liquidation is when the directors liquidate the company (the shareholders must approve this) when it is solvent.
A CVL o creditors voluntary liquidation is when the directors liquidate the company when it is insolvent and they cannot fulfil their obligations to their creditors.
You can learn more in our Liquidation Advice Section.