If the petition is successful, the company will be wound up and put into liquidation. The court will appoint an interim liquidator.
The interim liquidator will take control of the company and its assets. They must ask for nominations from the company’s creditors and ‘contributories’ for the appointment of a liquidator. The nominated liquidator may be the interim liquidator or another insolvency practitioner.
A ‘contributory’ is someone liable to contribute to the assets on the winding-up of the company. Contributories could include present and past members (shareholders) of the company.
Once appointed, the liquidator will:
- Realise the company’s assets.
- Then distribute funds to creditors if there are enough funds available.
You can search for companies that have been wound up on the Register of Insolvencies.
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