Compulsory
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Compulsory liquidation or "winding up" is a court-based procedure under which the assets of a company are realised and distributed to the company's creditors.
A Compulsory liquidation is usually initiated by a creditor of the company by presenting a winding up petition to court. The petition would be on the basis that the creditor is owed a debt and the company cannot pay this debt as and when it falls due.
A compulsory liquidation can also be initiated (although less commonly) by the company itself, its directors or a shareholder.
If you believe a compulsory liquidation may be applicable in your circumstances, please feel free to contact us to discuss this further.
