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The company, its creditors, shareholders or directors can issue a winding up petition in court for a company to be wound up in respect of an unpaid debt.  A date for a winding up hearing is set and on the date of the hearing if the judge is satisfied that the company is unable to pay its debts, a winding up order is made.  The Official Receiver is then appointed to assess the company’s assets and liabilities and decide whether it is appropriate to seek the appointment of a liquidator.  The directors must attend an interview with the Official Receiver to answer questions regarding the company’s trading and the reasons for the company’s failure.

Compulsory Liquidation may be appropriate when:

  • The business is insolvent and no longer viable and/or
  • The shareholders cannot agree to pass the resolutions to place the company into Creditors’ Voluntary Liquidation and/or
  • A statutory demand for payment of an unpaid debt has been served on the company and remains unpaid after 21 days

To issue a petition for a winding up order you may require legal assistance.  Get further information about winding up petitions and the liquidation of your company here or contact us for further assistance.

Do you need expert help?

Speak to one of our experienced staff members about the liquidation of your company. We are confident we can give you a great service at a competitive price.