Compulsory Liquidation
Compulsory liquidation
Compulsory liquidation can often be avoided through early intervention but even if you find yourself in the throes of this process, read on - we can help in your quest to find a way forward.
What is compulsory liquidation?
Like a creditors' voluntary liquidation a compulsory liquidation is also used to wind up a company but it is instigated by a court order.
The court process can be lengthy and it can take two to three months before a winding up order is made. The court will appoint a local Official Receiver but it can be a further two to three months before a licensed insolvency practitioner is appointed to deal with the assets.
How can McTear Williams & Wood help?
If your business has been subject to a compulsory liquidation, come and see us. We will be pleased to have a free, confidential initial meeting with you where we can explain the process clearly, set out your options and give you advice on what is likely to happen next. We will also explain the duties and liabilities you still have in your role as a director.
We stress that early intervention is essential. It is not unusual for us to see businesses that could have avoided compulsory liquidation had they sought advice from us when they first encountered financial problems; with the right help and advice some may have been able to trade through their difficulties and become viable once again.
For a free initial meeting contact us on 0800 085 5070
