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A compulsory liquidation is a court driven
process.
A court winding up order is made most
often on the application of a creditor who has not been able
to get monetary satisfaction on a county court judgement against
the company concerned.
The period between the issue of a winding
up petition and the hearing of the application should be treated
by the directors of the company concerned as a planning period
in which they can review the various options available to
them.
For more information about compulsory
liquidation please click on the headings in the left hand
index.
The directors of the company may be able
to avoid the full impact of a winding up order by:
- settling the debt or
- freezing the matter by applying
for an administration order or
- proposing a company voluntary
arrangement or, with advice,
- establishing a phoenix business.
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