To liquidate your company is one of the main ways you can wind it up. There are other ways of closing your limited company, such as voluntary strike off at Companies House.
Types Of Liquidation
However, liquidation is a legally recognised procedure under the Insolvency Act 1986. There are three different types of liquidation:
- Creditors Voluntary Liquidation – for insolvent companies
- Members Voluntary Liquidation – for solvent companies
- Compulsory Liquidation – a court process to wind up a company
Overview Of What Liquidation Does
All liquidations involve the appointment of a liquidator to undertake an orderly winding up of the company, involving the realisation of the assets means after costs, the members or creditors receive a distribution of any surplus funds.
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Disclaimer
This page is not legal advice and is not to be relied upon as such. This is provided for information purposes only. You should take independent advice on the facts of your case. No liability is accepted for reliance upon this post.
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