Compulsory Liquidation (WUC)

A company enters into Compulsory Liquidation following a Court order for the company to be wound up. This follows a Petition usually presented if the company can’t pay people or organisations (creditors) to whom it owes more than £750.

The court issues a Winding-up Order if it decides your company cannot pay its debts.

An Official Receiver is appointed the liquidator of the company and where there are assets to realise may decide to pass over the case to an Insolvency Practitioner.

The company’s bank account will normally be frozen, its assets or property will be sold by the Liquidator.

If the company (or part of it) is not bought with the intention of continuing to run the business (as a ‘going concern’) then any employees will lose their jobs.

The directors of the company must co-operate with the Official Receiver and Liquidator.

You can be banned from being a director for 2 to 15 years or prosecuted if you have failed to carry out your duties as a director or broken the law.

Saud & Co will assist you if you are facing a petition for winding-up, or the threat of one. We will help you with professional advice explaining other options which are available to avoid a winding-up order being made to enable you to take the best course of action.

Saud & Co, Registered office: 21 Highfield Road, Dartford, Kent DA1 2JS
Tel 0208 304 0609 - Fax 0700 608 8816
Saud & Co is a trading name of Saud & Company Limited.
Company Registration Number 08402929 – VAT registration 726 1719 34
Authorised by the Insolvency Practitioners Association to act as Licensed Insolvency Practitioners in the UK