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What is Compulsory Liquidation?
A compulsory liquidation is a form of liquidating a company which involves the courts. It happens when a winding-up petition has been issued by a creditor of an insolvent company, due to a debt not being satisfied.
How does a Compulsory Liquidation start?
After the aforementioned winding-up petition is heard at a winding-up hearing, a judge has the authority to make a winding-up order, which will place the company into compulsory liquidation.
Can I choose my Liquidator in a Compulsory Liquidation?
In cases where the process has progressed to the point that you have had a compulsory liquidation issued against you, it is not open for you to decide the liquidator yourself.
This will be decided by the courts who issued the compulsory liquidation.
How does a Compulsory Liquidation proceed?
At this point, the liquidation process will follow in the same manner as many others, albeit with less input from yourselves, given that the liquidation and liquidator have both been enforced on you by the courts.
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