Court Liquidation

Court Liquidation

A Court Liquidation usually occurs when a creditor applies to the court for an order that your company be wound up. If you receive a statutory demand you will be given 21 days to pay the debt. If the statutory demand expires without the debt being paid, then the creditor can apply to court for the company to be wound up.

You won’t have the choice of appointing your liquidator

If the debt hasn’t been paid by the time the court hears the application or you haven’t appointed a voluntary administrator, hyperlink to the VA the court will usually appoint a liquidator who the petitioning creditor has nominated.