A compulsory liquidation is a court-ordered winding up of a company when it cannot pay its debts. It typically starts with a petition to the High Court by creditors, the company itself, or a shareholder. A licensed insolvency practitioner is appointed as liquidator to realise assets and pay creditors, under the supervision of the court. The process ends with the company being dissolved. This work covers preparing petitions, gathering financial records, and managing the court and official receiver roles throughout liquidation.
Why this work is usually handled by a solicitor
The solicitor drafts and files the winding-up petition, collects evidence of insolvency, and liaises with the High Court and the Official Receiver. They shepherd the case through provisional and final stages, oversee the appointment of a liquidator, and respond to any challenges from creditors or directors, ensuring proper conduct of the winding-up process and compliance with insolvency rules.
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