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Limited Companies and LLP’s
Where all informal rescue and restructuring options have been exhausted, then a formal procedure may be required. At this stage things generally need to happen in a short timeframe.
Rescue options still exist at this stage and the company and/or business can still survive. An Administration Order is now the prevalent method for a formal
rescue process, with it speed of action and low application cost being key factors.
A voluntary liquidation is the principal route for the closure of a business and allows Directors and Shareholders to choose the “when and where” of a company closure.
A compulsory liquidation is used where a creditor has forced a company into liquidation before a Director or Shareholder has been able to act.
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