Liquidation (compulsory, MVL, CVL)

A private company is insolvent and the directors have decided that the business cannot be saved. The company has assets of around £150,000 and unsecured debts of around £500,000. The directors wish to bring about a winding up quickly and without the expense and delay of a court petition. They are willing to convene the necessary meetings and would prefer that the company's own contributories begin the process, with creditors then having the decisive say over who is appointed to realise the assets. They ask which insolvency procedure achieves this.