Compulsory liquidation is almost always a creditor-led process. At Blake-Turner we often act for creditors who are owed money by companies, as well as defending debtor companies. Please see our Debt Collection page for creditor services.
A winding up petition is issued at Court. This is then served on the company, advertised in the London Gazette and there is then typically a short hearing at court at which the company is “wound up”.
The liquidator in these circumstances will be the Official Receiver, which is essentially a department of the Government. Subsequently, a private insolvency practitioner may be appointed, but often the Official Receiver will retain conduct of the liquidation, interview the directors, sell and/or collect in all the assets and then make distributions to creditors.
If you are a company director or owner and have received a winding up petition, then it is very important that you act quickly. At Blake-Turner we have had significant successes in recent years in either defending claims, or obtaining Administration Orders to take back control of the process and best protect the company’s business and employees.
Liquidation typically involves the breaking up and termination of a business and all its employment contracts. Meanwhile, administration seeks to preserve businesses and their value for stakeholders, as well as employees’ jobs. Please see our Administration page for more information.
Whether you a creditor, or a business owner or director facing threats from your creditors, please contact Paul Cooper of Blake-Turner at firstname.lastname@example.org or on +44 (0) 7967 014788 to discuss your options further.