This is a process imposed by creditors and often takes place following a request to the Courts by a creditor.
If the company has assets, these are realised and funds are distributed among creditors. In some cases, an Insolvency Practitioner is appointed by the Secretary of State or, in other instances, an Insolvency Practitioner may be appointed at the request of a creditor.
For alternative options regarding corporate restructuring, please see our Corporate Insolvency and Restructuring pages.