Winding up at Court
This process is often referred to as ‘compulsory’ liquidation because it can be instigated by any creditor who can satisfy the Court that the company is insolvent.
Where a company is wound up at Court, the Official Receiver (a civil servant) will be appointed liquidator, although he can be replaced by a private sector liquidator if sufficient creditors so request.
Directors can also bring a petition to have their company wound up at Court. It is a solution for companies with no or negligible assets, however there are costs involved in issuing a petition.
Live Recoveries can advise you on the procedure for having a company wound up at court. We can also advise you if you have received a winding up petition from a creditor but would prefer to have the company wound up voluntarily. If that is the case, it is important that you consult us as soon as possible.
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