HTH

Liquidation (or winding-up) is a process under Company Law that results in the company ceasing to exist. Companies can decide to go into voluntary liquidation in which case the company arranges voluntarily to enter liquidation. Where a third party (an unpaid creditor) wishes to pursue liquidation of an insolvent company, as its debt is not being addressed, application must be made to the High court for a decision on whether a liquidator should be appointed to the company. The liquidator’s job is to realise the assets of the company and pay the creditors (including Revenue) from the proceeds.