What is liquidation?
Liquidation is a legal process that applies to companies or partnerships in which a liquidator is appointed to "wind up" the affairs of a company. At the end of the process, the company ceases to exist. The purpose of liquidation is to ensure that all the company's affairs have been dealt with and all its assets realised.
When this has been done, the liquidator will apply to have the company removed from the register at the Companies House and dissolved, which means it ceases to exist.
There are two types of liquidation, Compulsory Liquidation and Voluntary Liquidation
The Department cannot advise you on specific insolvency matters such as whether a company should go into compulsory liquidation or look at alternatives (see Alternatives to Liquidation). You should get independent advice on these matters from a solicitor, qualified accountant, or authorised insolvency practitioner (see List of Insolvency Practitioners) or a reputable financial advisor or debt councillor.
Debt advice agencies
The Citizens Advice Bureaux is an organisation, which also may be in a position to offer advice to you in respect of any debts.
You can also contact Advice NI or freephone 0800 028 1881 for further details.