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To qualify for members' voluntary liquidation, the company must be solvent and have unanimous consent from both the board of directors and the shareholders. In a members' voluntary liquidation, the company's assets are liquidated and the proceeds are divided amongst the company's creditors and its owners. When a corporation is unable to meet its current debt obligations, it may seek protection under creditors' voluntary liquidation. In a creditors' voluntary liquidation, all of a company's assets are liquidated and the proceeds are used to pay its creditors in order of priority. If there are any remaining funds after all creditors have been paid, these are distributed to the shareholders in accordance with their respective entitlements.