In more detail
When the directors want to liquidate a company they will need a Licensed Insolvency Practitioner like us. Often directors will want to use a private sector liquidator instead of the Official Receiver. An Official Receiver is funded by the government and will often have unlimited time and resources to investigate a failed company.
A company will end up with the Official Receiver as liquidator if it is forced into liquidation by creditors which can take up to 12 weeks. This type of liquidation is known as a compulsory liquidation. This is different from a creditor’s voluntary liquidation which means the directors have chosen a private sector liquidator and is a much faster process.
