{"id":4550,"date":"2016-04-22T08:22:53","date_gmt":"2016-04-22T08:22:53","guid":{"rendered":"https:\/\/simplylaw.waydevelopers.com\/england-wales\/wiki\/compulsory-liquidation\/"},"modified":"2023-11-04T13:11:59","modified_gmt":"2023-11-04T13:11:59","slug":"compulsory-liquidation","status":"publish","type":"guides","link":"https:\/\/simply.law\/england-wales\/guides\/insolvency-solicitors\/compulsory-liquidation\/","title":{"rendered":"Compulsory liquidation"},"content":{"rendered":"<p>Simply.Law empowers the consumers of legal services by giving them the means to compare, analyse and recruit the legal advice and representation they require, all free of charge and without obligation.<\/p>\n<h2>Compulsory liquidation<\/h2>\n<p>Under the terms of a compulsory liquidation the assets of a company are sold with all revenue raised being shared among the company&#8217;s creditors.<\/p>\n<p>Compulsory liquidation can only be reached through a court order and once the process is complete the company is dissolved. Most companies that face compulsory liquidation do so because they are insolvent and because one or more creditors have issued a winding up petition.<\/p>\n<p>Once the winding up petition has been successful an insolvency practitioner is appointed to act as liquidator \u2013 at this point it becomes illegal for the company to continue to trade in any way; the liquidator takes complete control of the business and its assets and is charged with acting in the best interests of its creditors.<\/p>\n<h2>The role of the liquidator<\/h2>\n<p>A liquidator is an officer of the court and should act impartially at all times. Creditors should provide the liquidator with &#8220;proof of debt&#8221; which the liquidator will then examine before accepting or rejecting the claim.<\/p>\n<p>Liquidators must provide creditors with updates on the progress of the liquidation, while creditors are entitled to form liquidation committees in order to assist the liquidator in achieving its objectives.<\/p>\n<h2>Contentious liquidation<\/h2>\n<p>Creditors are not always satisfied with the actions of liquidators and in such circumstances may seek to challenge its actions. In some circumstances experienced insolvency solicitors may be able to help a creditor challenge the following:<\/p>\n<ul>\n<li>Proof of debt decisions<\/li>\n<li>Liquidator impartiality<\/li>\n<li>The distribution of assets<\/li>\n<li>The liquidator&#8217;s remuneration<\/li>\n<\/ul>\n<h2>Solicitors for compulsory liquidation<\/h2>\n<p>Simply.Law&#8217;s member <a href=\"guides\/insolvency-solicitors\">insolvency solicitors<\/a> are highly skilled and experienced in helping businesses deal with the full range of critical financial issues, including compulsory liquidation.<\/p>\n<p>There are many ways to get in touch today. Try our Match Service, browse our member profiles, speak with an advisor or arrange to consult a solicitor, free, for thirty minutes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simply.Law, insolvency solicitors for compulsory liquidation can help you achieve your legal and financial objectives.<\/p>\n","protected":false},"author":1,"featured_media":7969,"parent":4546,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[12343],"tags":[8802,8502,9778,10119,9093,9845,10115,10135,8773,10137,10134,10136],"guides-category":[],"class_list":{"0":"post-4550","1":"guides","2":"type-guides","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bankruptcy-liquidation","8":"tag-assets","9":"tag-business","10":"tag-company","11":"tag-compulsory-liquidation","12":"tag-court-order","13":"tag-financial","14":"tag-insolvency-solicitors","15":"tag-insolvent","16":"tag-legal-advice","17":"tag-proof-of-debt","18":"tag-revenue","19":"tag-winding-up-petition"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Compulsory liquidation - Simply Law England Wales<\/title>\n<meta name=\"description\" content=\"Explore our comprehensive collection of legal guides covering various topics to help you navigate the complexities of the law. 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