Compulsory liquidation
Retain as much value as possible through compulsory liquidation. McTear Williams & Wood have the experience to assist your business even when it is in compulsory liquidation. Find out your options call us now.
Last Updated: 17/03/2025
What is compulsory liquidation?
Compulsory liquidation is the result of a winding up order. It is the last resort for creditors seeking to reclaim monies when all else has failed. Even if your initial debt is paid to the petitioning creditor it is possible for other creditors to take over the petition and continue the court action. Nonetheless with the right business plan and early action it may be possible to turn your business around. Before a winding up order is made the creditor has to file a winding up petition in Court. This comes at a considerable cost to the creditor and starts the process of shutting your company down, triggering the sale of its assets at a later point, which will be used against the debt.
Most companies suffer distress at some point during their lifespan. By talking to us you access sound accounting, business rescue and legal knowledge assisting you in salvaging value even at this late stage. Even if you have a winding up petition against your company you could still have a number of choices that could resurrect your business.
How can we help?
- Free initial assessment – find out the facts behind your businesses position and arm yourself with all the necessary information to make the right decision using expert advice from our specialists.
- Make applications to Court – our team understands how to communicate with the courts and the requirements of official orders. By working with our preferred lawyers we can arrange extensions allowing you to effectively manage your company’s situation.
- Structuring time to pay arrangements – if we can produce a watertight turnaround plan this can be used as the basis of a repayment plan to your creditors.
- Working with the Official Receiver – should all else fail then you may be able to request that McTear Williams & Wood is instated as the authority that deals with your compulsory liquidation, ensuring that the sale of your company and assets is handled in a fast and effective manner.
Director
- 07786 242344
- tonyharrison@mw-w.com
- Prospect House, Rouen Road, Norwich NR1 1RE
Understand your financial options
Check the health of your business with our free business health check tool.
Get an indication as to whether your company has what it needs to survive.
Includes:
-Company health assessment
-Types of liquidation available
-Options & next steps
*All information provided is completely confidential and will not be shared with a third party
Free advice line for distressed company directors > 08003317417
BUSINESS RESCUE & INSOLVENCY SPECIALISTS
Download your free Directors' guide
This free, easy-to-read guide is designed to help directors whose company is in financial distress. It will assist directors to navigate around insolvency issues and avoid potential pitfalls, split over ten sections this guide walks you through the matters in a logical order you are
likely to need to consider.
Your best course of action
The Official Receiver’s powers begin from the point in time that the Court grants the winding up petition. This means any monies paid to your creditors, in particular debts paid to directors, can be pursued and returned to the company. Even if your initial debt is paid to the creditor it is possible for another of the company’s creditors to substitute their debt for your original debt. By acting quickly you ensure that you keep as many options as possible open to you – don’t leave it too late, contact us today
How can we help - Book a free 1-2-1
If your company is struggling with unmanageable debts, decreased cashflow or concerns about about your company’s future, we can assess your situation and provide you with tailored solutions and options.
During your free initial advice meeting, we will discover a true picture of your company’s financial situation
and offer practical and expert guidance on your next steps.
Initial meetings can be held at our office or your premises and are completely confidential.
There is no charge for this meeting – charges only apply if and when terms of engagement have been agreed.
