INS1545 - Company liquidation: Compulsory winding up

Interim liquidator’s role (S135 IA 1986)

In Scotland the interim liquidator, who normally holds office for 28 days, will

• notify the Registrar of Companies of the winding up order
• give notice of the liquidation and the interim liquidator’s appointment in the Edinburgh Gazette
• take custody and control of all the company’s assets and administer its affairs for the benefit of creditors
• ask the company or its directors to provide a statement of affairs
• call a meeting of creditors within 28 days to
• give a brief history of the company’s performance
• appoint someone to act as permanent liquidator.

The interim liquidator may be appointed permanent liquidator by the Court if the creditors fail to do so.

Unlike in a sequestration when the debtor’s assets vest in the trustee, ownership of a company’s assets remains with the company but the directors’ powers in relation to the company are ended.