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Applies to companies or partnerships.

In general, liquidation has two main purposes:

There are 2 basic types of liquidation - compulsory and creditors'. These refer to the alternative way in which a liquidation commences, either by a Court Order (requested by a creditor such as HM Revenue & Customs - known as a compulsory liquidation), or by a resolution of the Company’s directors and shareholders, known as a voluntary liquidation.

Compulsory Liquidation

The placing of a company into liquidation as a result of an application to the court, usually by a creditor. The Official Receiver is always the initial liquidator and conducts the investigation of the directors' conduct.

Voluntary liquidation

A method of liquidation not involving the courts or the Official Receiver. There are 2 types of voluntary liquidation:

LIQUIDATIONS

Company Insolvency

Company Voluntary
Arrangements (CVAs)

Administrative Receivership

Administration Orders

Liquidations



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