For expert support call 01270 212 700 or email info@mgjl.co.uk
For expert support call 01270 212 700 or email info@mgjl.co.uk
When a creditor petitions for a company to be wound up, we offer support to creditors as their appointed liquidator. Initially an Official Receiver (OR) will be appointed liquidator, in circumstances where specific assets need realising or there are specific areas of investigation, creditors or the OR may look to appoint a Licensed Insolvency Practitioner as liquidator. To discuss the benefits of appointing a Licensed Insolvency Practitioner in a compulsory liquidation, please contact one of our team.
The Process
A compulsory liquidation is generally ordered by the court on a petition of a creditor, director, or shareholder, often following a failure to comply with a creditor’s statutory demand. A compulsory liquidation is a public process that involves an investigation into director conduct and the company will generally cease to trade. To discuss a compulsory liquidation with a Licensed Insolvency Practitioner, please contact one of our team.
Winding up petition
Should a company receive a winding up petition the directors should take immediate advice. Any transactions entered into between a winding up petition and winding up order are void unless a validation order is sought from the court. By law a winding up petition should be advertised prior to a winding up hearing at which point the company bank account is likely to be frozen and the company will be unable to trade. It may still be possible to save the company if urgent advice is sought from a Licensed Insolvency Practitioner. To discuss a winding up petition or compulsory liquidation, please contact one of our team.
Whatever financial difficulties a business is experiencing, we can provide the support that is needed.
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