Practical Law UK Glossary 5-107-6770 (Approx. 5 pages)
Glossary
Liquidation
Also known as winding up. An insolvency procedure under which the assets of a company are realised and distributed to creditors by the liquidator, in the order provided for in the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016 (SI 2016/1024). There are two modes of liquidation: compulsory liquidation following a court order, and voluntary liquidation instigated voluntarily by the members of the company. Unlike the insolvency procedure administration, liquidation always results in the dissolution of the company.