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This means you should seek the assistance of a licensed insolvency practitioner to discuss your company’s financial problems.
Delaying taking this step will only lead to a further increase in company debts which will put you at risk of being held personally liable.
This is because as part of the liquidation process, all the company’s assets will be sold and this money distributed amongst outstanding creditors.
Therefore if your creditors have reason to believe your company has valuable assets, petitioning for its liquidation may seem like their best chance of recovering the money they are owed.
Family business go through various stages of growth and development over time.
Although the petitioner is often a creditor, this is not always the case.
Shareholders or any other interested party can present a WUP to the court as long as they have a legitimate reason for doing so.
The directors of the insolvent company can also legally lodge a petition to have the company wound up, but this is usually handled through a voluntary liquidation instead.
If your company fits more than one of the following criteria then it could be at risk of being forced into compulsory liquidation: After the compulsory liquidation is underway the process of selling the company’s assets begins, while all litigation involving the company usually ceases.