Winding Up Petition

Compulsory Liquidation & Winding Up Petition in Ormskirk - Lancashire

Compulsory Liquidation is the winding up of a company via the courts by Winding Up Petition. Upon successful application the company will be placed into Compulsory Liquidation and the Official Receiver will be appointed liquidator.

WHAT IS A COMPULSORY LIQUIDATION OR WINDING UP PETITION IN ORMSKIRK?

To place a company into Compulsory Liquidation, one or more of the company’s creditors must petition to the court for a Winding Up Petition. Once in compulsory liquidation, all assets are liquidated into cash and the proceeds are then used to repay outstanding debts the company owes.

A company can only receive a winding up petition from a creditor if they owe more than £750 and have failed to pay. Failure to pay can be either an unpaid County Court Judgement or a formal demand which is still outstanding.

The conclusion of compulsory liquidation is the dissolution of the business. The company will cease to exist and will be struck off Companies House register within 3 months of the conclusion of the liquidation.

CAN I STOP A COMPULSORY LIQUIDATION OR WINDING UP PETITION IN ORMSKIRK?

Options available to a company that is facing compulsory liquidation and winding up petition, vary depend on how far along you are in the process. The only way to definitively stop compulsory liquidation or a winding up petition is to satisfy the outstanding amount to the creditor in full, coming to satisfactory payment terms for both parties or by placing the company into a formal insolvency process.

INSOLVENCY OPTIONS IN ORMSKIRK

Dependant on how far along the process your company is, there are a few options available:

  • Company Administration
  • Pre Pack Administration
  • Creditors Voluntary Liquidation (CVL)
  • Company Voluntary Arrangement (CVA)
  • Raising Finance

WHAT HAPPENS WHEN A COMPANY ENTERS COMPULSORY LIQUIDATION FOLLOWING A WINDING UP PETITION IN ORMSKIRK?

Once the winding up petition process has finalised the company is placed into Compulsory Liquidation. Usually the official receiver is appointed liquidator of the company and it is their duty to comply with the duties of the liquidator.

If the official receiver feels it necessary or creditors vote to appoint a third-party liquidator, a Licensed Insolvency practitioner will be appointed to take the role of liquidator. Upon appointment it is then their duty to comply with the Insolvency Act 1986 and also comply with their duties as liquidator.

WHAT ARE THE LIQUIDATORS DUTIES IN ORMSKIRK?

A liquidator has a number of practical and statutory duties to adhere to in the normal course of a liquidation. These duties include:

  • The maximisation of realisations from the assets of the company for the benefit of the company’s creditors
  • Reporting to creditors on the progress of the liquidation and, where appropriate, seeking creditor approval for certain actions within the liquidation
  • Where appropriate, the collation and agreement of creditor claims against the company
  • The distribution to creditors of all available funds that have been realised through the liquidation process
  • The investigation into, and the reporting upon, the conduct of the company directors prior to the company’s liquidation

COMPULSORY LIQUIDATION & WINDING UP PETITION IN ORMSKIRK

Let HBG Advisory help you, Whether you are based in Ormskirk - Lancashire or somewhere else in the country, we can help with your compulsory liquidation & winding up petition with our no obligation and expert advice from our many experienced partners and consultants. Speak with someone TODAY

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