• Call Chesterfields Business Turnaround and Insolvency Company: Restart BTi
  • Email Chesterfields Business Turnaround and Insolvency Company: Restart BTi
  • Get in Touch: Restart BTi - Chesterfields Business Turnaround and Insolvency Company
Chesterfield: Business Turnaround and Personal and Company Insolvency Business Turnaround and Personal and Company Insolvency in Chesterfield Chesterfield: Personal and Company Insolvency and Business Turnaround

Compulsory Liquidation is the legal procedure by which a Liquidator is appointed by Order of Court to wind-up a limited company.

Compulsory Liquidation

Compulsory Liquidation

The process is usually set in motion by a creditor such as HMRC when a company has failed to pay debts. Such a situation is likely to be traumatic, but we will support you throughout and have substantial experience to put at your disposal.

Should you receive a Winding-up-Petition (WUP), this must not be ignored and you should immediately seek advice from an Insolvency Practitioner. If granted, a Winding Up Order will stop your company from trading and the business will be investigated by the Official Receiver. 

In most circumstances, the company’s bank account will be frozen as soon as the bank becomes aware of the WUP.

The Official Receiver will then decide whether to call a meeting of creditors to consider the appointment of a Liquidator. The company’s assets, including book debts, will be realised, and the proceeds used to fund the cost of the liquidation. Any excess funds would be available as a dividend to creditors, payable by order of priority.

  • join us socially

  • Follow us for the latest Business Turnaround and Insolvency Updates
  • Join our Insolvency and Business Turnaround Service on LindedIn