This note provides a short summary of the two formal insolvent liquidation processes. Each insolvent liquidation is different and specific advice should be taken in individual cases.
Insolvent liquidation (or winding up) is one of the ways in which the affairs of an insolvent company may be wound up. It represents the beginning of the end for a company and may be initiated as an independent process, or follow a company voluntary arrangement, receivership or administration. It can also co-exist with a receivership. The company will be automatically dissolved three months after the liquidation ends (unless an appeal against dissolution is lodged). The company’s business will typically cease on the company going into any form of liquidation. It will only ever continue after it, in exceptional circumstances, where it would be beneficial to the winding up. There are two types of insolvent liquidation, namely creditors’ voluntary liquidation and compulsory liquidation…
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