Liquidation is an insolvency procedure under which the assets of a company are realised and distributed to creditors by the appointed liquidator as prescribed by legislation. Liquidation can be compulsory or voluntary. Compulsory liquidation is instigated by a creditor and follows a court order. A voluntary liquidation is instigated by the members or creditors of the company. Unlike administration, liquidation always results in the dissolution of the company.
At Sherrards we can advise on putting your company into liquidation in the best possible way, protecting the directors and shareholders, and, where necessary, liaising with insolvency practitioners.