If a creditor has petitioned the court to liquidate your company, you have 10 days to appoint your own liquidator.
After that time, the company must settle with the Creditors or face having a court appointed liquidator, usually one chosen by the creditor. A company loses the right to appoint their own liquidator 10 days after court action has commenced (10 working days after receiving the Notice of Proceedings to their registered address).
A Liquidator has a large amount of discretion as to how to treat the large numbers of issues which can arise within a liquidation. A Liquidator appointed by the court is more likely to take an aggressive approach to the Directors’ obligations, rather than one appointed by the shareholders/Directors.
Call Liquidation Management immediately
to talk through your situation.