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This happens when the court orders that your company must be wound up. This follows a winding-up petition presented by your creditors. This will usually be one or more creditors who are owed at least £750. In rare cases, the petition for Compulsory Liquidation might be presented by -
If you’re being threatened with a petition, you need to take urgent action. Once the petition is advertised, your bank account may be frozen. Clearly, if this happens, your business will effectively be closed.
We can still help you, even if the petition has been issued.
If you are at threat of a winding-up order, we may be able to help you avoid compulsory liquidation. This may be via an Administration or a Creditors Voluntary Liquidation. We can discuss your options and help you through this difficult time.
If the Company is already in compulsory liquidation, then the Official Receiver is appointed as liquidator of your company. The Official Receiver can appoint an insolvency practitioner, such as ourselves, as liquidator in his place. This might also happen if a majority of your creditors support the appointment of an insolvency practitioner.
We would then realise your company assets, agree creditors’ claims and distribute funds by way of dividends.
We would finally produce a report on the liquidation.