Liquidation is the end of a company’s life. This is sometimes the only option if creditors can’t be paid and there is no other way to push for the survival of the business.
If liquidation does occur, it is important to appoint a liquidation specialist that you can trust. Their role is reporting to the Companies Office, and selling and distributing assets to creditors according to the law.
BWA Insolvency understand that this is a difficult time and will walk you and your creditors through the process and ensure that everyone is up to speed, every step of the way.
Creditor Court Order
In some situations, a creditor may apply to liquidate a company with a court order. If this occurs, you have ten days to appoint a liquidator or enter into Voluntary Administration.
If this has happened to you, contact us immediately so we can talk you through your options. If you don’t act, you face having the court appoint the liquidator (who is often chosen by the creditor that you owe money to) and they are far less supportive.