Liquidation
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UK uses cookies to make the site simpler. Find out more about cookies. This publication is licensed under the trade in liquidaters of the Open Government Licence v3. To view this licence, visit nationalarchives. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at https: There is a different guide if you want to wind-up a partnership.
Liquidation will stop the company doing business and employing people. Alternatively you can choose to close your company by striking it off the Companies Register. For an insolvent company, directors can wind up their company through a creditors voluntary liquidation or a compulsory liquidation. Creditors can also trade in liquidaters to trade in liquidaters an insolvent company up through compulsory liquidation.
Find out how creditors apply for compulsory liquidation. If the company has been dissolved you will need to restore the company before applying for liquidation. There are 3 exceptions that allow you to reuse a company name and these are outlined in section 7. Liquidation is overseen by a liquidator trade in liquidaters the official receiver or an insolvency practitioner.
In a voluntary liquidation the shareholders will appoint and pay for an authorised insolvency practitioner to act as liquidator. Compulsory liquidation can only take place when a winding up petition is made to and trade in liquidaters by the court. If you want to wind-up the company because you are in disagreement with the other directors you will only be able to do this if trade in liquidaters are a shareholder or a creditor.
As a shareholder you must show why the company should not be allowed to continue. You should get advice if you are in this position. If the company has been dissolved you will need to restore the company. You must call a meeting of shareholders and ask them to vote for the court to wind up the company. Once the resolution is made, or you can set out why the company should be wound-up you need to complete a winding up petition.
The petition should include the details outlined in Rule 7. A template form is available for applications to the High Court. You also need to provide a statement of truth that includes the details outlined in Rule 7.
This will be entered onto the petition before you trade in liquidaters it. In all cases you must send a copy to the relevant liquidator, administrative receiver, administrator or supervisor if the company is involved in:. The court will put an official receiver in charge of the liquidation. Winding-up the company will also help your employees get money they are trade in liquidaters even if the company has trade in liquidaters assets. Read more about your responsibilities.
After your winding up order is approved you will be invited to an interview with the official receiverthis will usually be a face to face interview but may be by telephone. If your company has been liquidated by one of your creditors the official receiver may also contact you by telephone to find out if there is anything that needs to be sorted out urgently.
You must attend the interview and cooperate with the official receiver. The trade in liquidaters organised you are, the more straightforward the process will be. Before the interview, telephone the official receiver to confirm or rearrange the appointment; let them know if:. Collect together all trade in liquidaters paperwork you have been asked to take to the interview or have with trade in liquidaters during the telephone call.
This usually takes less than 8 weeks, though it can take up to 12 weeks. They will also report to the insolvency Service if they think you may have broken the law in your financial dealings.
The official receiver will investigate why the company became insolvent and whether this was caused by unfit conduct by any of the directors. If unfit conduct by a director is revealed, the official receiver can apply to the court for a disqualification order under the Company Directors Disqualification Act A banned name includes:. This restriction applies trade in liquidaters both registered directors and people who have acted as a director in the 12 months before liquidation.
You should take professional advice so you fully understand how the restrictions and exceptions apply to you. You may use the name if the business of the insolvent company is sold by a licensed insolvency practitioner and you provide legal notice that you intend to act in the management of the new business. To do this you must publish a notice in the Gazette containing the details outlined in rule There is a template that you can use.
You must also send a copy of the notice to all creditors of the company known to you or whose names and addresses could be obtained by reasonable enquiries no later than 28 days after completion of the sale.
You can ask the court for permission to use the company name trade in liquidaters 7 days of the liquidation. This will allow you to use the company name for:. You can apply for permission after 7 days have passed and up to 5 years following the date of the liquidation.
You are involved with another company which has used the same or similar name as the liquidated company for the 12 months before the date of liquidation. You do not require permission of the court to keep using the name in connection with that company provided the company has:. To help us improve GOV. It will take only 2 minutes to fill in.
Skip to main content. Home Guide to trade in liquidaters winding up and re-using a company name. How a liquidation is managed 3. Liquidating a solvent company members voluntary liquidation 4. Liquidating an insolvent company 5. What happens to a director after insolvent liquidation 7. Reusing the company name after insolvent liquidation.
There are three ways a company can be liquidated. Is this page useful? Yes this page is useful No this page is not trade in liquidaters Is there anything wrong with this page? Thank you for your feedback. What were you doing?
