How to appoint a liquidator

How to appoint a liquidator 1

In order to appoint a Liquidator, the Company must first be placed into Liquidation.  There are two types of insolvent liquidation, which are known as a Compulsory Liquidation or a Creditors Voluntary Liquidation.

Liquidation is an insolvency procedure to bring the life of a company, or a limited liability partnership, to an end. This can be done either voluntarily, using a private sector insolvency practitioner, or through the courts.

A Creditors Voluntary Liquidation is an out of court procedure which uses a private Insolvency Practitioner as opposed to using the Courts and The Insolvency Service.

It is therefore a much quicker procedure, and companies can be placed into voluntary liquidation within two to three weeks.  The cost of placing a company into liquidation is broadly the same, though a Creditors Voluntary Liquidation is usually cheaper in the long run, as its running costs are less.

A CVL can also be used to organise a phoenix company, which can increase assets realisations, save jobs and increase the return to creditors overall.

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More information can be found at the following on our What is a Creditors Voluntary Liquidation webpage.

Alternatively, if you would like a free face to face, Zoom or telephone meeting with a Licensed Insolvency Practitioner please ring 01326 340 579 or 01305 458 383 to arrange a mutually convenient time and date to discuss the options open to you and your Company.

 

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