This is where a company is placed into liquidation as a result of an application to the Court, usually by a creditor. The Official Receiver is always the initial liquidator and conducts the investigation of the directors conduct.
Once a winding-up order is made, the Official Receiver becomes the liquidator. The Official Receiver is a civil servant and an officer of the court. The Official Receiver must decide within twelve weeks of the winding-up order whether to call a meeting of creditors to appoint a licensed insolvency practitioner to act as liquidator. In certain circumstances the Department for Business Innovation and Skills (BIS) or the court may make such an appointment.
Specific advice should be obtained before taking action, or refraining from taking action, on any of the issues covered above.For further information, please contact one of our Client Services Team who will be able to assist you.