Compulsory Liquidation vs Voluntary Liquidation

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https://meetings-eu1.hubspot.com/shau... Compulsory Liquidation v Voluntary Liquidation - what’s the difference?

It’s important you understand the difference between the 2 if your looking at closing your company. Both result in the closure of your company but can have very different outcomes for the directors.

A compulsory liquidation is when one of your creditors forces the company into liquidation , usually after a winding up petition is issued . The official receiver is appointed and they conduct a thorough investigation into the conduct of the director. If you have continued to trade after becoming aware of the companies financial problems , you could be made liable for company debts from that point!

A voluntary liquidation is were you appoint an insolvency practioner to close the company down . This is called a creditors voluntary liquidation. You can agree to purchase assets back from the company , start a business again in the same industry and ensure your employees receive there redundancy pay quickly.


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