INS1550 - Company liquidation: Compulsory winding up

Liquidator’s role (S136 IA 1986)

A liquidator other than the Official Receiver may be appointed by

• creditors,
• application of the Official Receiver to the Secretary of State, or
• the Court.

The liquidator will

• take overall control of all the company’s property and assets
• conduct any further meetings of creditors
• take action if necessary under provisions in the Insolvency Act relating to wrongful trading
• receive each creditor’s claim
• distribute to creditors the proceeds realised from the company’s assets
• keep accounts of all dealings.