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Windup by Court
Windup by Court
Windup by Court is a legal process initiated by a creditor through a court order to forcibly close down and liquidate an insolvent company. This usually occurs when a company fails to repay its debts and a creditor petitions the court to wind up (close down)the company. It’s a compulsory process where a court-appointed liquidator sells the company’s assets to repay creditors.
When to Consider Windup by Court:
How RTI Can Assist:
At RTI, we help directors navigate the CVL process, ensuring compliance with insolvency law while safeguarding your personal liabilities. Our team works with you to maximize returns for creditors and facilitate a smooth and efficient closure of your business.
If your business is facing a winding-up petition, RTI can provide crucial advice on how to manage the situation. Our licensed insolvency practitioners will guide you through the court process, ensuring compliance with legal obligations and protecting your interests throughout the winding-up process.
FAQ
What happens to the company after the Liquidation has ended ?
The company will be removed from the register at Companies House approximately 3 months after the Liquidation has been concluded
A Windup by Court is an involuntary process typically initiated by creditors, unlike Creditors Voluntary Liquidation (CVL), which is a voluntary decision made by the company directors to wind up the business. If you’re facing creditor pressure, a CVL may give you more control over the liquidation process.
Pages related to Company Liquidation
CVA Company Voluntary Arrangement
Creditors Voluntary liquidation (CVL)